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Fri May 23, 2014
Lower mortgage interest rates offered in 8 Michigan cities
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.
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.