For many people, purchasing a home is a dream come true and perhaps the most significant financial decision they will ever make. Yet, making wrong decisions associated with the complex financial and non-financial elements of purchasing a home can turn a dream into a nightmare of buyer’s remorse.
To help first-time buyers navigate the complexities of purchasing a home in the city, Detroit Homeownership Center CDC, in conjunction with Arise Detroit, will host a “free” Home Buyers and Lenders Resources Fair on Saturday, Aug. 10, 2024 (10:00 a.m. to 3:00 p.m.) at the Northwest Campus of Wayne County Community College District, 8200 W. Outer Drive on the city’s west side.
The goal of the fair is to educate and provide pertinent information to attendees about how to successfully buy a home for the first time in the city of Detroit. According to Ken Scott, executive director of Detroit Homeownership Center, CDC, attendees will learn more about the guidelines and qualifications associated with the City of Detroit’s $25,000 Down Payment Assistance grant. Besides a down payment, the assistance grant can be used by qualifying residents as prepaids, principal buydowns, interest rate buydowns, closing costs, and renovation mortgage financed repairs.
In addition, the event will provide information to attendees about MSHDA down payment assistance loans, assistance grants from banks and financial institutions, first-time home buyer programs, understanding credit scores and debt-to-income ratios, needed documents to purchase a home, and fees and closing costs. Scott said five banks will be on hand to discuss financing options with attendees looking to buy their first home in Detroit: Chase, First Merchants, Liberty Bank, Huntington, and Superior National.
“This is a free event that you don’t want to miss, as it will provide potential buyers with all of the critical information necessary to make buying a house in Detroit a reality,” said Scott, the former president of the Greater Detroit Realtist Association and the Detroit Association of Realtors. “Being informed about what steps to take and what steps to avoid when buying a home is critical and the fair is set up to guide prospective homebuyers in the right direction.”
Scott continued.
“I want to thank Luther Keith, executive director of Arise Detroit, for his leadership in initiatives that help increase homeownership in Detroit,” Scott said. “I’m a staunch advocate for primary homeownership because there’s a correlation between homeownership and establishing wealth in our communities. And the more informed you are, the better equipped you’ll be to make decisions about realizing your homeownership dreams.”
Scott said that he is always asked is it better to rent or buy. While both have merit, Scott, who has been involved in the real estate industry on various levels for more than 40 years, is adamant about buying.
“If you want to build equity, then you want to buy a house, not rent,” Scott said. “So many generations of Detroiters have bypassed the opportunities to buy homes. However, this home-buying event will be ideal for many individuals to be the first in their family to purchase a home and begin to build generational wealth.”
To RSVP for Home Buyers Day at WCCCD’s Northwest Campus, text your first and last name and email address to 313.244.5744, or just attend the event on Saturday, August 10.
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