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
- Leadership role
- MDHHS emphasizes firearm safety, education on anniversary of secure storage law
- Nominating Committee conducts forum for ABA leadership candidates
- Third leader charged in multi-state forced labor conspiracy involving Kingdom of God Global Church
- Businesses from across the state recognized as 2026 Michigan Celebrates Small Business award winners
headlines National
- A wave of lawsuits has resulted from online comments after Charlie Kirk’s assassination
- Goldman Sachs top lawyer resigns after emails show Jeffrey Epstein friendship
- Failed indictment of 6 Democratic lawmakers blamed on Jeanine Pirro-picked prosecutors
- Federal judges may address ‘illegitimate forms of criticism and attacks,’ according to new ethics opinion
- Senate GOP aims to reveal companies funding lawsuits
- Bad Bunny’s ‘love conquering hate’ message at Super Bowl reiterated by judge sentencing assaulter
