Friday, October 06, 2006

Recent college grads eligible for low-interest loans in Detroit

In addition to cool homes and the best culture and entertainment in Southeastern Michigan, now there's one more reason for recent college grads to buy a home in Detroit: a mortgage rate reduction.

Governor Jennifer Granholm announced yesterday that beginning Monday, October 9, recent college graduates buying a home in Detroit are eligible to take advantage of a new low-interest home loan program that could save them thousands of dollars a year on mortgage payments.

College grads who recently completed a 2- or 4-year degree or a continuing education program have three years from their graduation date to apply for the special rate loans, which are 2% below market rate.

In addition to homes purchased in Detroit, recent college grads purchasing homes, lofts or condos in seven other Michigan cities will also qualify for the reduced-rate loans, which are funded by the Michigan State Housing Development Authority (MSHDA).

Those cities include Hamtramck, Highland Park, Pontiac, Flint, Saginaw, Benton Harbor and Muskegon Heights.

The MSHDA has $10 million ear-marked for the program. The loans will be given on a first-come, first-served basis.

Visit the State of Michigan's website for more information on the program. To view a variety of housing options in the D, please visit City Living Detroit.

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