Officials with the Michigan State Housing Development Authority are stepping up efforts to promote home ownership in Southeast Michigan and especially in Detroit. The Authority administers federal homeowner grants and programs. It also has its own financing services.
Real Estate analysts say home sales in Southeast Michigan are still brisk. But, experts say not everyone is able to purchase a home even if they can afford the monthly payment.
The Michigan State Housing Development Authority says one of the biggest problems for potential home buyers is coming up with a down payment.
he Authority’s Executive Director, Earl Poleski, says as a quasi-state bank, it offers residents help with upfront costs.
“As part of our single family lending process we can also provide, our product is called ‘Michigan down payment’. We can actually lend people the money they need for a down payment to get into a house”
Poleski says the authority provides courses for prospective buyers that cover the associated costs and responsibilities of homeownership.
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