DETROIT (WXYZ) — Over 240 new homeowners have benefited from the Detroit Downpayment Assistance Program, an initiative launched this year by the city for Detroiters who do not currently own a home.
The program's goal is to help folks put down a downpayment of up to $25,000 towards their dream home.
20-year-old MaKayla Jackson is a mother and works as a DDOT bus driver.
"I actually work for the city and got help for the city. It felt good. It felt really good," said Jackson.
Last month, Maykayla became the proud owner of a home on Detroit's west side.
"It's exciting to get off work and say I'm going home," said Jackson.
After getting tired of renting, Jackson knew she wanted to buy a home, but like many, she too struggled to come up with a down payment.
"It ain't cheap to buy a house. It probably would have taken me four or five years to buy a house, but then the program came," said Jackson.
The Detroit Down Payment Assistance Program is available to low-income earners who may be able to afford a monthly mortgage payment but don't have enough savings for a down payment.
Krysta Pate from the Ownership Initiative says, for example, for a single person to qualify, they would have to earn less than $41,000 per year.
"The money came from the American Rescue Plan Act. The city had an allocation of around $6 million, they've increased it to $11.9 million," said Pate.
Data from the city shows so far, 325 downpayment assistance applications have been approved, of which the demographics breakdown includes 93% African American, 4% White, 1% Middle Eastern, 2% Other, Hispanic or Latino ethnicity.
"Detroiters can use $25,000 in various ways. They buy down the interest rate. They can decrease the amount they owe on the actual mortgage, or they can use it for down payment," said Pate.
Meanwhile, Jackson says the application process is easy.
There are three simple steps:
- Get approval from one of 13 partner lenders.
- Find a house you want to buy.
- Apply to the program at www.detroitdpa.org.
"And once they fulfill those three items, they are ready to apply for up to $25,000," Pate said of the program helping Detroiters realize the American dream of home ownership.
"I feel like my son ain't have to worry about a home, by the time he gets older, this will be his," said Jackson.
To learn more about Detroit Downpayment Assistance Program, head to www.detroitdpa.org.
