Fresh Opportunity Mortgages

This loan the OppFund provided for me and my family gave us hope and a fresh start.
— LeeAnna Rocha, Homeowner

What is the Fresh Opportunity Mortgage Program?

OppFund created the Fresh Opportunity Mortgage Program to assist homebuyers and revitalize Metro Detroit and other select areas of Michigan.  We offer loans to assist homebuyers who have been turned down by traditional lenders.


Loan Highlights

  • Loan amounts from $10,000  to $200,000 
  • 10, 15 and 30 year fixed terms available 
  • No prepayment penalties
  • No ARMs, reverse or negative amortization 
  • No balloon loans
  • No monthly mortgage insurance (PMI)


  • Financing with as little as 3% down
  • Maximum loan-to-value is 97%
  • No minimum credit score required (subject to underwriting approval) 
  • Down payment assistance accepted
  • Flexible in-house underwriting

Apply online! 

Am I eligible?

OppFund's mortgage program is for low and moderate income individuals and families previously denied access to financing by traditional institutions.

To qualify:

  • You must be buying a home in the Metro Detroit area of Michigan
  • You must buy the home from a community-based organization or in an NSP community.
  • You must have been turned down for financing from a traditional lender or you do not meet standard loan criteria.
  • Your household income must be 100% or less of the area median income for your county (120% of area median income if you are purchasing a home in an NSP area).
    • Household income usually includes the income of all adults who will live in the home and/or be listed on the title.

Down Payment Assistance!

What are the other rules for mortgages?

Credit Assessment Highlights

  • Chapter 7 bankruptcies must be fully discharged for at least two years.
  • Chapter 13 bankruptcies must be fully discharged for at least one year.
  • Foreclosures are allowed after two years if you can document a reasonable and sufficient cause that the foreclosure occurred.  Examples include loss of employment, medical related illness, divorce, or death of a spouse.  Strategic foreclosures are not allowed.

Down Payment Assistance

You may use down payment assistance provided by the municipality in an area slated for revitalization. 

Homeowner Preparation

  • You must attend at least eight hours of HUD-approved homeownership training. The training must include some home maintenance instruction. We have found this helps our borrowers be successful in their new homes!
  • All borrowers must also work one-on-one with a financial literacy counselor and complete a household budget demonstrating their ability to repay the mortgage and meet all financial obligations. The financial literacy counseling agency must provide OppFund with copies of your budget, cash flow analysis and a certificate of completion.
  • Prior to loan closing, you must meet with a homebuyer counseling agency and/or an attorney to review all loan closing documents.

How do I apply for a mortgage?

The first step to getting an OppFund mortgage is talking with a loan officer. Fill out the form  to get started!

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You can also contact us directly:

Opportunity Resource Fund (NMLS # 148075)
Attn: Charles Turner (NMLS #951136)

7700 2nd Avenue, Suite 608
Detroit, Michigan 48202

Office: 313-964-7300
Direct Dial: 313-462-2415

Updated May 26, 2016

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