State Housing Authority Announces Several Increases to Housing Loan Programs to Help Homeowners in Michigan20 July 2006
In an effort to make homeownership more affordable, the Michigan State Housing Development Authority (MSHDA) announced several increases to housing loan programs. Increases were announced for the following programs; income and purchase price limits for the Single Family Loan Program, the Mortgage Credit Certificate Program and the Property Improvement Program.
Beginning June 1, 2006, MSHDA increased the limit set on the income for potential homeowners. This limit is a minimum of $62,100 and a maximum of $72,250. This will give more Michigan residents the opportunity to own a home. It will also extend MSHDA's ability to issue bonds in the future for funding low-interest mortgage rates for homebuyers and developers. The purchase price limit is set at a minimum of $188,400 and a maximum of $216,750, which will allow residents to purchase nicer homes on a lower income.
Also increasing are the purchase price and income limits for the Mortgage Credit Certificate, which reduces the amount of federal income taxes a homeowner pays, giving them more available income to qualify for a mortgage. These limits are identical to the limits in the above mortgage loan program.
The Property Improvement Program has announced an increase for the income level of homeowners. This program allows Michigan residents to make permanent repairs to their home and property. The minimum income level is set at $62,100 and a maximum is set at $72,250 in certain target areas.
In June 2006, 161 loans were purchased for $16,750,388, which is 3 times the amount purchased in June 2004. The increase in income level and purchase price will continue to encourage homeownership and property improvement around the state.
To date, the agency has financed more than 55,000 home purchases in the Single Family program, for an investment of more than $2.4 billion.
Approximately 115 branch offices of participating lending institutions take applications for MSHDA loans. The list of successful participating lenders is available at http://www.michigan.gov/mshda .
Interested homebuyers should contact a MSHDA participating lender. The lender list and further information are available on MSHDA's Web site, http://www.michigan.gov/mshda . Prospective buyers can also call 1-800-327-9158 to request information be sent to them.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at http://www.michigan.gov/mshda .
Source: prnewswire
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