The Michigan Legislature is now considering Senate Bills 511 and 512 to create an innovative and smart savings tool to support homeownership rooted in Michigan.

 

The landscape for first-time homebuyers in Michigan has changed dramatically.

  • College graduates face mounting student loan debt.

  • People looking for work are saddled with high-interest credit card debt.

  • Down payment requirements have increased and become more complex.

For families trying to make ends meet, saving for a home is much more complicated.

These bills would create a new savings account to be opened, either jointly or individually, to the benefit of a qualified first-time homebuyer beneficiary. Some uses of this indclude:

1. For the parent, grandparent, or gaurdian, the ability to begin saving to the benefit of a minor-dependent towards their first-time home purchase rooted in Michigan.

2. For the individual in high school, college, or beyond, that begins saving for themselves with the goal of homeownership rooted in Michigan;

3. For the individual that has not owned a principle residence in the previous 3-years, whether due to financial hardship, foreclosure, or credit recovery, providing a new savings tool for homeownership. For more information, check out: http://homeownershipmatters.realtor/states/michigan/first-home-michigan/