Michigan Bad Credit Mortgage Lenders

The housing market in Michigan has been very busy, and the trend looks set to continue. Michigan housing sales for the next quarter of the year show no signs of slowing down and remain very active.

A total of 35,437 units were sold in April, an increase of 5.66 percent from last year’s 33,437 total. The Livingston County area and the north-eastern part of Michigan saw the biggest increases in residential units sold. Livingston County saw a gain of 28.32 percent from last April and the north-eastern area saw a gain of 24.84 percent This frantic activity has driven the cost of housing up, with t he average price of residential units having increased from $136,321 in April 2003 to $139,601 in April 2004—a 2.41 percent increase. St. Joseph County saw a 23.73 percent increase in the average price of a residential unit. This was the largest increase in the state of Michigan, and in the recent climate across the state, that is an impressive statement.

For those looking to buy, this increase in prices would look daunting. However, an increase in the housing market is only a short term setback to those who are seriously considering owning a home. While the home may be expensive right off the bat, the value of a home typically grows in time, so with a greater initial investment the value of the home will be greater in the long run.

Borrowing just got easier in Michigan as well. The 31,000-member Michigan Association of realtors and Fannie Mae, the nation's largest source of home-mortgage financing, plan to expand homeownership opportunities throughout the state. MAR and Fannie Mae have teamed up for the "Borrow with Confidence" campaign that aims to accomplish four important goals. According to the campaign press release, these goals are to

1. “Harness the power of Michigan realtors to promote consumer awareness about the benefits of seeking out responsible lenders and shopping for the best mortgage.
2. Debunk myths that surround the home-buying process.
3. Ensure that realtors are knowledgeable about low-cost mortgage financing options.
4. Develop relationships with responsible lenders that offer low-cost flexible mortgage loans and are committed to the principle of offering potential homebuyers competitive rates. “

With this campaign proceeding, the people who are looking to purchase a home in Michigan can be assured that the borrowing process will be painless and safe. This should encourage individuals to make the leap from renter to home owner, and to get a piece of the American dream.