How MSHDA Helps Michiganders Achieve Homeownership
This post was sponsored by the Michigan State Housing Development Authority. All opinions are my own.
I have lived in Dearborn my entire life and I often think about venturing elsewhere to settle down just to be able to change things up a bit. Change of pace, scenery, people, and even opportunities. But thinking about leaving this wonderful city with a diverse and strong community makes me reconsider.
One of my favorite things about living in my hometown is the engaged and supportive community we have here.
Our community comes together during times of distress and during times of celebration. There are resources available to pursue your dreams and succeed at it. I know that if I ever wanted to pursue something greater I would have the support of my community behind me.
I would definitely consider buying my first home in Dearborn, or even within a few miles’ drive.
However, as a millennial grad student I am far from buying my first home anytime soon. I don’t know the first thing about homeownership which is why I’m glad I have resources available to me to make my journey easier when the time comes.
HOW MSHDA HELPS MICHIGANDERS ACHIEVE HOMEOWNERSHIP
If you’re thinking about buying your first home here in Michigan, I would highly recommend looking into the resources available from MSHDA.
MSHDA makes loans more affordable by offering conventional loans with discounted private mortgage insurance (PMI).
For example, a borrower with a conventional loan only has to pay PMI up to the point their equity in the home reaches 20%. Then it goes away. A government loan like an FHA loan carries mortgage insurance for the life of the loan. (VA loans have a funding fee. They do not require monthly mortgage insurance.)
EDUCATION RESOURCES AND COUNSELING SERVICES
Buying your first home can be scary, but did you know that MSHDA also offers a variety of housing education resources?
I would definitely be open to taking an education class provided by MSHDA in my area to learn more about the various resources available to me when it comes time to purchasing my first home.
These resources provide you with important information about homeownership you may not receive otherwise.
In 2017, MSHDA provided the following education resources:
- Foreclosure Prevention counseling services to over 2,400 households
- Homebuyer Education counseling services to over 1,400 households
- Pre-Purchase Individual counseling services to over 850 households
- Financial Capability counseling services to over 850 households
- Family Self-Sufficiency counseling services to over 380 households
- Key to Own counseling services to over 100 households
MSHDA: THE HOUSING AUTHORITY
One thing I really appreciate is that the revenue generated by MSHDA’s loan bond investments helps support other housing initiatives like reducing homelessness, providing housing for veterans, implementing affordable housing solutions, offering educational courses and more.
Knowing that MSHDA uses this revenue to help support other programs makes me more inclined to trust and appreciate them more as a housing authority in my community.
Although I still have plenty of time before I consider purchasing my first home, I know that I will be in good hands with the resources that MSHDA provides.
There is still so much to learn about and discover when making the decision to become a first-time homeowner and I am glad that MSHDA is available for such experiences for Michiganders.