My Homeownership Journey

 
 

This post is sponsored by MSHDA. All opinions are my own.

Owning a home and having a place of your own to take care of is one of the best feelings. A house doesn’t have to just be a roof over your head – it can be so much more than that. It can be a place where you make memories with family and friends, a place you put your own decorative spin on to reflect your personal style and a place that feels more comfortable than anywhere else. When you have all those things, that is, in my opinion, when a house is truly a home.

Growing up, I moved around a lot due to my parents’ jobs. They both worked in the automotive industry and were often transferred to different areas within the U.S. and even in Canada. It seems like we bounced around a lot since we moved back and forth to Michigan several times. In between our moves to and from the Great Lakes State, my family and I lived in Missouri for four years and in Ontario, Canada for one year.

I’m definitely no stranger when it comes to dealing with moving trucks and having boxes all over the place. In total, I’ve moved about eight times in my life and that counts moving away to college and back home before I started my first full-time job after graduation. Fast forward to now and I live with my husband in a house that we own. Although we’ve lived in our house for a few years, we’re starting to outgrow it and we’re searching for a new home that is a better fit for our needs. We’d like to start a family in the coming years and we’d ultimately like a more spacious house that’s in a family-friendly neighborhood and close to parks, shopping areas and restaurants.

Once we find a great house to submit an offer on, we’ll have to consider our resources and determine if we need to take out a mortgage and what our potential mortgage payments would be. If you’re like me and you’re searching for homes in Michigan, you can count on the Michigan State Housing Development Authority to help you in every step of your own homeownership journey.

If you need to take out a mortgage, MSHDA offers zero-interest loans of up to $7,500 to help with a down payment on a house (Michigan Down Payment). They also offer a unique set of mortgage products and are an affordable partner for all loan types. MSHDA helps make loans more affordable by offering conventional loans with discounted private mortgage insurance (PMI). A borrower with a conventional loan only has to pay PMI up to the point their equity in the home reaches 20% and then it goes away. A government loan like an FHA loan carries mortgage insurance for the life of the loan. (VA loans have a funding fee. They do not require monthly mortgage insurance.)

By partnering with MSHDA, a lender is able to differentiate themselves by offering a full suite of loans, (state-wide MDP, Conventional VA, RD, VHA, tax credit), many of which are only offered by MSHDA. This full-service offering means they have mortgages suitable for the widest range of single-family residences and the widest range of borrowers.

This matters because the most successful loan originators are the ones who are able to satisfy the broadest spectrum of borrowers. The ability to satisfy more customers and Realtors means more referrals. Revenue generated by MSHDA’s loan bond investments help support other housing initiatives and reduces homelessness, provides veteran and affordable housing, makes homeownership possible, offers housing and financial education and preserves Michigan history.

My husband and I are keeping our fingers crossed and hoping that we find the perfect house that fits our needs soon. Although house hunting is fun, it can be a long process from start to finish. We’ve been searching for homes since spring and so far we just haven’t found anything that checks all of our boxes. We know that there are some things we’ll have to compromise on, but one thing that we won’t budge on is location. Wherever we move to has to be in an area that’s easy to get to and between my workplace and my husband’s workplace.

Luckily, before we make our next big move, we can count on MSHDA and all the free housing education resources they offer. Between education classes and one-on-one pre-purchase counseling, anyone can benefit from these resources. Some examples of MSHDA’s services include Foreclosure Prevention counseling services, Homebuyer Education counseling services, Pre-Purchase Individual counseling services, Financial Capability counseling services, Family Self-Sufficiency counseling services and Key to Own counseling services.

Now that you’ve learned more about my homeownership journey, I’d love to know more about yours. What’s your living situation? Do you own a home? Share your story with me in the comment section below!