The Michigan State Housing Development Authority issued 40 percent more mortgage loans in 2013 over the previous year and recorded a nearly 70 percent increase in the total dollar amount of single-family loans during the same period, says a recent report.
“It has been years since MSHDA has recorded numbers like this, and it shows the state’s housing market and economy are rebounding strong,” said Scott Woosley, executive director of the authority.
In an effort to build momentum, the state’s homeownership division will promote MSHDA as a partner that works with lenders.
“One of our new strategies is marketing not only to first-time homebuyers, but with our new Mortgage Backed Securities product we also can bring our resources to repeat homebuyers,” said Mary Townley, MSHDA’s director of homeownership.
While Townley says she is encouraged by the growth in the number of mortgages and loan amounts, she adds MSHDA remains committed to helping Michigan residents who are struggling with their mortgages.
In 2010, MSDHA created the Step Forward Michigan program to help homeowners at high risk of default or foreclosure. Last year, the program increased assistance to at-risk homeowners by more than 28 percent and registered the second highest number of households assisted among the 18 states administering federal Hardest Hit Funds.