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
- Play-Based Learning: Can simulation games help lawyers learn management and business development skills?
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Court orders hospital to resume gender-affirming care for transgender kids
- Netflix’s ‘The Lincoln Lawyer’ will rest his case at end of season 5
- Woman gives birth during arraignment in NYC courtroom
- SCOTUS will examine scope of Title IX protections and whether civil rights law covers work bias claims
