The Michigan State Housing Development Authority (MSHDA) announced on Thursday that it is partnering with the Tobias Harris Homeownership Initiative, Guild Mortgage and Homium on a pilot shared-appreciation mortgage program aimed at expanding access to homeownership in Detroit.

The effort is backed by Detroit Pistons basketball player Tobias Harris. The mortgage product will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance (DPA) without adding monthly debt.

Borrowers can secure a conforming first mortgage without mortgage insurance, lowering monthly payments. The assistance is repaid, along with a share of market details ⇒

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