State officials on Tuesday announced a new assistance program for first-time home buyers in Michigan.
The Rate Relief Mortgage program, offered through the Michigan State Housing Development Authority (MSHDA), will provide first-time buyers loans at one percent below the market rate. Currently, that would make the interest rate on a 30-year mortgage though a MSHDA-approved lender 5.375%.
In announcing the program, Amy Hovey, MSHDA CEO & Executive Director, called the new mortgage offering a big deal…