GRAND RAPIDS, Mich. (WOOD) – A statewide mortgage program is expanding its service to help spur home sales.
Details of the Michigan State Housing Development Authority (MSHDA) MI Next Home program were discussed Monday morning at Grand Rapids City Hall.
Those in attendance included Grand Rapids Mayor George Heartwell, Michigan State Housing Development Authority (MSHDA) Executive Director Scott Woosley, state Sen. Mark Jansen (R-Grand Rapids), state Rep. Brandon Dillon (D-Grand Rapids), state Rep. Winnie Brinks (D-Grand Rapids), Michigan Association of REALTORS Grand Rapids Chapter President Karla Huitsing of Towne Square Real Estate, and Mortgage One of Greater Grand Rapids Senior Vice President Dan Grzywacz.
Repeat homebuyers, including singles, couples and families, are potentially eligible to receive up to $7,500 (or 4% of the purchase price) in down payment assistance from the MSHDA.
The assistance will be awarded based on income limits that vary by county but generally range from $70,000-plus for a household of one or two people to just under $100,000 for households of three people or more.
The initiative marks the first time MSHDA has gone beyond offering its popular MI First Home program for first-time buyers to include repeat purchasers of new or existing single-family homes, condominiums and manufactured housing.
MSHDA estimates approximately 1 million state residents could qualify for MI Next Home down payment assistance.
National trends show more repeat buyers are looking to invest in new homes in 2014 because home values are rising after five years of declines and they are now more likely to get financing.
During the past year, Michigan has seen a 12.8% increase in home prices — the fifth-highest rate in the nation — and 27% more housing permits issued.