Monday, October 09, 2006

Governor Granholm to Offer Low Rate Housing Loans to Recent College Grads

Great Lakes Politics

Governor Jennifer M. Graholm announced late last week that she is directing the Michigan State Housing Development Authority to offer low rate housing loan to recent college graduates as an incentive to keep more of them in Michigan. These loans will be 2 percentage points below the market rate, a discount that will last for 3 years after graduation for a Michigan college or university.

These loans will be offered on a "first come, first served" basis and only $10 million in loans to be made. Once that initial fund is depleted, the program is over.

I mention this here because in order to eligible for these discounted loans, not only do you have to be a recent college graduate but you have to buy your home in one of eight cities. Detroit is one of them and Warrendale is a great neighborhood for recent college graduates to buy into; with moderate housing prices and close proximity to everything that they would need.

If you know of anyone who might be interested in buying a home in Warrendale and is a recent college graduate, you can encourage them to contact MSHDA.
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