Variety of Affordable Housing Options Soon Available in Northeast Michigan
Affordable housing is in high demand in Northeast Michigan and with competitive interest rates and programs from the Michigan State Housing Development Authority; the conditions are promising for first time home buyers in 2024. Lenny Avery, Economic Development Coordinator for Target Alpena, gives information about current rates, “Right now they’re putting first time home buyers in homes as low as 5.875 [%] currently; the average rate is 7%, even for good credit individuals.”
These rates, along with housing opportunities at a variety of price points, can make now a good time to purchase and potentially pay less in mortgage each month versus renting. While some have difficulties making an initial deposit and others are looking to find a monthly payment that meets their needs, the new program has ways to help, “Even you’ve had a few dings on your credit, and you’re looking to say ‘hey, my credit score isn’t really where it needs to be,’ there are first time home buying programs that can help you and work with you to clean up your credit, help you with down payment assistance,” said Avery.
The plan utilizes manufacturers and local contractors to place modular/manufactured homes on properties to grow the long term northeast Michigan population. These homes are built indoors in a controlled environment versus the traditional stick built home and can cause significantly less per square foot, making it an economic option. Connecting residents of the region with these opportunities can be just what Northeast Michigan needs to turn renters and other temporary residents into permanent members of the community. Avery looks forward to seeing people build roots, “We want people not to be transient through our community; we want people to stay in our community. Take ownership, own your own dirt, be a part of Alpena, be a part of what makes Alpena great, and be concerned for what happens. We want you to vote, we want you to come to our events because you feel a connected tissue to those communities.”
Target Alpena along with Alpena Community Credit Union are offering a First Time Home Buyers Housing Expo Tuesday, January 23 at Art In The Loft from 5-7 p.m. with real estate professionals, insurance companies, vendors, and guidance in taking the next step in your home buying journey. There will be food and a cash bar available for participants and a team of professionals to help, with the opportunity to buy a home, “You can literally walk into those doors with nothing, and walk out with a home ready to be set by April when our ground falls out,” said Avery.
