Lower mortgage interest rates offered in 8 Michigan cities

May 23, 2014

LANSING – Michigan is helping provide lower interest rates to first-time homebuyers in eight cities.

About 300 individual or families in Detroit, Grand Rapids, Flint, Pontiac, Saginaw, Battle Creek, Benton Harbor, and Jackson can take advantage of a program announced Friday.

Michigan State Housing Development Authority Executive Director Scott Woosley says most of Michigan's real estate market has bounced back, but some areas are still experiencing significant sales declines.
Michigan State Housing Development Authority Executive Director Scott Woosley says most of Michigan's real estate market has bounced back, but some areas are still experiencing significant sales declines.
Credit Steve Carmody / Michigan Radio

First-time homebuyers who meet eligibility requirements can get a 3.125% mortgage interest rate without down payment assistance. If they need help with their down payment, the interest rate is 3.625%.

Gov. Rick Snyder says he wants to increase home sales in five cities hit hard by blight and three other cities needing a boost.

Michigan State Housing Development Authority Executive Director Scott Woosley says most of Michigan's real estate market has bounced back, but some areas are still experiencing significant sales declines.