Securing the Keys to Homeownership – Michigan Chronicle
- January 15, 2021
- By: Greenpath Financial Wellness
As part of GreenPath’s Millennial Money Series, the Michigan Chronicle looks at the ins and outs of homeownership.
Millennials have over $1 trillion in debt, the most of any generation in United States history.
This is also the age group that has to work toward financial stability in an economy that has grown slower than any previous generation. Rising student debt and stagnant income levels are some of the factors that have made buying and keeping a home seem unattainable. The economic impact of Covid-19 has only reaffirmed that view for many.
A home is not just a place to live; it’s also a valuable asset to your financial portfolio. When the economy is going well, home values usually increase between 3-4% per year. Owning a home gives you more financial freedom in both the short and long term to pursue the things you want in your everyday life.
LEARN MORE ABOUT MILLENNIAL MONEY
GreenPath has partnered with the Michigan Chronicle for a six-installment Millennial Money series designed to help millennials become better stewards of their finances.
Support for Prospective Homebuyers
The Michigan Chronicle offered some tips for those looking to purchase a home.
It’s a good idea to start your search for programs offered by the local and federal government, specific vocations (military, nurses, etc.), and different family structures.
- Michigan State Housing Development Authority (MSHDA) offers up to $7,500 in down payment assistance for first-time buyers (MI and repeat buyers (MI Home Flex).
- GreenPath has partnered with Freddie Mac to create the BorrowSmart Program, a down-payment incentive program to allow prospective homebuyers to receive additional education while moving toward a home purchase.
Know Your Options
It can be hard to know which options best fit your situation and which information to trust.
By working with realtors, loan originators, and housing counselors like Greenpath, you can compile a more exhaustive list of options that might even enable you to utilize several different programs at once.
There’s a lot to know about buying a home.
GreenPath’s experts can walk you through your options. 91% of people served by GreenPath feel better prepared to handle their finances. Together let’s make a plan for managing your full financial picture to support your goals.