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.


Timbercake said...

Not a bad deal at all. Thanks for passing the info along. I have been following the governors race for some time now and I think Granholm will pull out a victory when its all said and done.

Tonight DeVos and Granholm are debating once again. I thought Granholm won last week's debate hands down. The stakes are set very high for DeVos going into tonight. The tight format should play well for him but we'll see if his high priced coaching pays off. It’s make it or break it time for DeVos.

Thanks again for posting about the low rate college loans. I will spread the word.

Anonymous said...

I've always thought that Warrendale's landlords should market itself to college students at U of M, MSU or U of D more agressively. You could probably get a better return by charging 3 or 4 college students $250-$300 a month, and include mowing services then you could off of Section 8, or even the market rate.

I know if I had an extra few grand and some extra time in my day I'd love to buy a couple of homes on my block and rent them out like this.