Metro Detroit grant would help first-time home buyers with down payment
Grant helps first-time home buyers with down payments
This is essentially free money if you qualify. I spoke with a local mortgage broker and real estate agent who say getting access to the grant can be tricky, but between the two of them, they have helped more than 80 people access $25,000 to use as a down payment.
(FOX 2) - Buying your first home is filled with hope and anxiety. It’s a major investment that typically requires good credit and money upfront for a down payment.
But there is some help available in the form of $25,000.
Big picture view:
FOX 2 spoke with a local mortgage broker and a real estate agent who say getting access to the grant can be tricky, but between the two of them, they have helped more than 80 people access $25,000 to use as a down payment.
For some, homeownership can seem like a pipe dream, but that’s where real estate agent Jermaine Golden and mortgage broker Shane Ouimet come in.
"Any program that helps my buyers get $25,000 in free money is going to help me help a lot of people and change a lot of lives," said Ouimet.
"That’s my job to educate people that you can buy a house and be the in the house with this 25 grand grant," said Golden.
These two teamed up a few years ago and have a knack for finding free money to help first-time home buyers in Detroit.
"I think I have done about 75 of them over a two-and-a-half-year period," said Ouimet.
"It makes me feel good that I’m in a position to educate them and guide them to actually purchase a home, and people are grateful for that because they are getting keys to a home they actually own and not someone else’s home that they are renting," said Golden.
They specialize in a particular grant offered by the City of Detroit and distributed through a non-profit called National Faith. The 501(c)(3) organization says its objective is helping people purchase and stay in their homes. They provide the money while these two help people find it.
"As I’m getting phone calls, I’m saying, 'Hey, I know you may qualify for this grant based on X criteria.' Or I’m telling it to my realtors who have a lot of connections in Detroit," said Ouimet.
"I work with a lot of investors, and they live in California, Canada. I have one now that lives in Europe, and they are buying houses like crazy because the price is low and the return is high, but we can stop them if so many people purchase homes," said Golden.
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They say the results have been life-changing.
For instance, a father of five living off $1,500 a month through Social Security, with no debt and excellent credit, came to Ouimet not knowing how he was going to afford a place to live.
"Took him from a two-bedroom apartment with his five kids to his own home, which I guarantee you would never happen if not for this program," said Ouimet.
A mother of four from Detroit was able to help all her kids buy a home by the age of 25.
"She had four of her kids buy a house through us from this $25,000 grant, and to this day, her kids reach out with more clients that could benefit from this grant," said Golden.
The loan application can be tricky, according to Shane and Jermaine.
"First of all, you have to be a resident of Detroit, prove that you have lived in Detroit for at least 12 months. You have to buy in the city of Detroit, so they are really promoting the city of Detroit," Ouimet said.
They say their experience helps you cut through red tape, and it helps not only the first-time home buyer but the community and city of Detroit as well.
"It has boosted homeownership and pride in homeownership in Detroit tremendously," said Ouimet.
What's next:
FOX 2 spoke with Dina Harris, the CEO of National Faith, who says in two years they gave away $22 million through this grant. Right now, they are tapped out, but they do expect the City of Detroit to start the program in the very near future.