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Michigan Mortgage - What to Expect When Buying a Home in
Michigan
By
Jessica Elliott
Maybe you’re buying your first
home in Michigan, or perhaps you’re relocating to Michigan from another
state. Either way, it’s important that you educate yourself on Michigan home
loans before shopping for a home and mortgage. This article explains what
you’ll need to know before buying a home in Michigan:
In 2005, Michigan was the only
state in the nation to report declining job-growth rates for consecutive
years. Additionally, the personal income growth of Michigan residents is
amongst the lowest in the nation, and rates of bankruptcies and foreclosures
are above the national average. In 2004, downtown Detroit commercial office
vacancies were the highest in the nation.
Weak employment conditions and
slow population growth in Michigan have had an effect on the housing market.
The rate of home appreciation in Michigan is well below the national
average. Additionally, the price of homes in Michigan varies widely between
zip codes. For example, in Detroit, Michigan, the median price of a home in
the summer of 2005 was $160,000; however, in Ann Arbor, Michigan, the median
price of a home was $225,000.
Michigan laws require that
refinance transactions on sub-prime loans have a $10,000 minimum loan
amount. Additionally, Michigan laws prohibit mortgage companies from
requiring a borrower to work exclusively with them after an application has
been submitted. Borrowers in Michigan are encouraged to sign a right of
refusal so that they can choose another lender should problems arise with
their first choice.
The Michigan State Housing
Development Authority (MSHDA) is responsible for all home-buying assistance
in the state of Michigan. MSHDA offers low-interest rate loans and down
payment assistance to Michigan residents who qualify for the program under
state income requirements and purchase limits.
Jessica Elliott recommends that
you visit
Mortgage Lenders Plus.com for more information about
Michigan Mortgage Rates and Loans.
Article Source:
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