DETROIT (AP) — Comerica Bank plans to invest up to $5 million in a Detroit program for home mortgages that seeks to address issues with property appraisals.
The money will go toward the Detroit Home Mortgage program, which was introduced last year. The bank notes that housing in Detroit typically appraises below the price to buy and renovate, making it more difficult for some to buy homes in the city.
The program is managed by the nonprofit Community Reinvestment Fund and allows borrowers to obtain a second mortgage to help fill the gap.
Comerica also plans to become a participating lender in the program in the future.
- Posted June 21, 2017
- Tweet This | Share on Facebook
Comerica investing up to $5M in Detroit mortgage program
headlines Macomb
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
