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Home Restoration and Acquisition
Program

The Liberty Bank Home Restoration and Acquisition Program (HRAP) is a new, nontraditional mortgage loan that will allow a homebuyer to finance the acquisition and any required repairs or renovations to their home being purchased in the City of Detroit. This includes purchasers of homes from the Detroit Land Bank's online auction (www.neighborswanted.org). HRAP provides a 6 month interest-only construction line of credit during renovation or 9 months for properties located in a designated historic neighborhood. Upon completion of the renovation, the construction line will transition to a permanent mortgage. The mortgage loan is available to qualified borrowers purchasing in Hardest Hit Priority Neighborhoods which includes the North End, Boston Edison, Jefferson Chalmers, Southwest, Grandmont Rosedale, University District, Marygrove, Bagley, Morningside, East English Village and Cornerstone neighborhoods.

To qualify, borrowers must:
  • Have the income necessary to repay the loan
  • Successfully complete a housing counseling program
  • Occupy the home as their primary residence
  • Comply with all auction rules if purchased from the auction
  • Qualified borrowers may also be eligible for down payment assistance up to $15,000
  • Detroit Public School employees may qualify for up to $20,000 in down-payment assistance

View Program FAQ's

Call our Detroit office at (313) 818 - 0232 or complete the short form below for more information.

Get Started

To learn more about whether you qualify for the HRAP, call Liberty Bank at (313) 818-0232 or ccomplete the short form below for more information. Below are our three approved HUD-certified housing counseling agencies:

U-SNAP-BACS Community
Development Corporation
(313) 640-1100

Central Detroit Christian Community Development Corporation
(313) 873-0064

Southwest Economic Solutions
(313) 841-9641

Qualified housing counselors will help homebuyers determine whether they are ready to begin the home buying process, the price home they can afford, and if they qualify for the HRAP. The homebuyer can then proceed to purchasing a home with a clear understanding of what they can afford.

Contact Us Today

Speak with one of our consultants about making your dream of home ownership a reality by calling (313) 818-0232 today, or for your convenience, complete this form.

A personal banking expert will be in touch with you soon.

Liberty Bank & Trust - Detroit
9108 Woodward Avenue
Detroit, MI 48202
313-873-3310
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Friday 9:00 - 6:00
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