Comerica invests in a fund supporting home purchases in Detroit

Mortgage

Comerica Bank will invest up to $5 million in Detroit Home Mortgage, which provides second mortgages to buyers so they can get past the city’s appraisal gap problem.

Detroit Home Mortgage was created in 2016 because properties were appraising at a lower value than the sale and renovation price, leaving the buyer unable to obtain financing, according to the Detroit Home Mortgage website.

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