Major loan company Rocket Mortgage this week announced the rollout of a targeted homebuyer program for the city of Detroit, one that offers a substantial lender credit in an effort to spur home purchases in the long-suffering midwestern city.
The program, Detroit Home Loan+, was “specifically designed to help Detroiters” purchase homes in the city, the company said in announcing the initiative.
Detroit has long struggled to maintain a thriving cityscape, with the city’s population having decreased sharply since the mid-20th century while crumbling houses have dotted the city streets for decades.
Rocket pointed out that “less than 47% of Detroit’s residents are homeowners, which is well below the national average.” The program is meant to “help make homeownership easier in the city.”
The company also said it has partnered with the Detroit Housing Network “to ensure that all Detroiters have access to the resources they need to take the next step on their homeownership journey.”