Lower mortgage interest rates offered in 8 cities - WNEM TV 5

Lower mortgage interest rates offered in 8 cities

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LANSING, Mich. (AP) -

Michigan is helping provide lower interest rates to first-time homebuyers in eight cities.

About 300 individual or families in Detroit, Grand Rapids, Flint, Pontiac, Saginaw, Battle Creek, Benton Harbor and Jackson can take advantage of a program announced Friday.

First-time homebuyers who meet eligibility requirements can get a 3.125 percent mortgage interest rate without down payment assistance. If they need help with their down payment, the interest rate is 3.625 percent.

Gov. Rick Snyder says he wants to increase home sales in five cities hit hard by blight and three other cities needing a boost.

Michigan State Housing Development Authority Executive Director Scott Woosley says most of Michigan's real estate market has bounced back, but some areas are still experiencing significant sales declines.

Copyright 2014 Associated Press. All rights reserved.

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