Senate committee approves Richardville legislation to help more state residents qualify for MSHDA loans
LANSING - The Senate Banking and Financial Institutions Committee today approved legislation that would allow more state residents to qualify for affordable housing loans.
The economic stimulus measure will help future buyers and homeowners secure home loans with lower interest rates, said Sen. Randy Richardville, committee chair and sponsor of the bill.
"The Senate has introduced a number of mortgage bills to assist struggling homeowners and buyers," said Richardville, R-Monroe. "We have to provide state residents with different tools to avoid foreclosure. This is important for Michigan families and our state's troubled economy."
Senate Bill 1133 will expand the total family income cap threshold for those seeking a loan offered by the Michigan State Housing Development Authority to $108,000. It will also allow state residents to have increased access to MSHDA assistance.
"The committee recently approved legislation from the House that would allow Michigan homeowners to refinance their loans at lower interest rates and save their homes from foreclosure," Richardville said. "This legislation goes one step further by allowing more residents to take advantage of the lower rates and programs offered by MSHDA."
The bill, which has received support from the Michigan Bankers Association, Michigan Credit Union League and MSHDA, will now advance to the full Senate for consideration.
Posted: Wednesday, February 20, 2008
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