Anyone have experience with Detroit Land Bank Product from Flagstar?
I heard Darlene Leaks from flagstar talk about this program at a homebuyer course - upto $15 k to cover the appraisal gap for a house and the loan can be forgiven after 3 years of living in the house. I was wondering if anyone has experience with this product (or similar products available from other banks). What kind of hoops do they make you jump through to get it? The loan officers at flagstar have been unhelpful unfortunately.
I worked with Chemical bank -- Alex Solak specifically, who's one of their mortgage VPs -- and had a wonderful experience. I've referred him to quite a few people and they've also had great experiences. We didn't end up needing an appraisal gap product, but we did go down the Detroit Home Mortgage route before learning that and he (and Chemical generally) are well versed in the appraisal gap funding products. I think a friend whom I referred to Chemical did end up using a product that required a homebuyer course (which she said was no big deal) but I can't recall if it was related to what you're talking about. Doesn't hurt to call him if you'd like to shop around: ChemicalBank.com/alexsolak