A new program will allow Michigan’s Housing Development Authority to help homeowners with adjustable-rate mortgage (ARM) loans refinance into more affordable, 30-year fixed-rate loans if they make less than $108,000 a year and paid no more than $224,500 for their homes.

In addition to an ARM refinance program, the new "Save the Dream" legislation signed into law today by Gov. Jennifer Granholm creates a "Rescue Refinance Program" that will allow MSHDA to refinance borrowers who have been delinquent on their mortgage but are current now.

The programs were enabled by HB 5433 and five related bills, and will be funded by taxable bonds, with homeowners responsible for the full value of their refinanced mortgages.

For more information visit MSHDA on the Web or call the toll-free consumer hotline, 1-866-946-7432.


***


What’s your opinion? Leave your comments below or send a
letter to the editor.


Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription