Preparing residents for homeownership

Michigan State University Extension’s homeownership education helps homeowners make informed decisions by discussing advantages of homeownership and steps in the homebuying process.

homeownership

Homebuyers must assess their own financial situations and the financial options available to them. Research suggests individuals in the pre-buying process may not accurately estimate their own financial status, including debt and creditworthiness, which leads to undesirable financial decisions. 

Michigan State University Extension’s homeownership education helps homeowners make informed decisions by discussing advantages of homeownership and steps in the homebuying process, understanding costs of homeownership, and learning mortgage loan basics and ways to determine how much house a potential homeowner can afford. 

Participants earn a certificate of completion that is a requirement for Michigan State Housing Development Authority down payment assistance programs. 

In 2017, MSU Extension reached nearly 1,100 adults in more than 200 programs. As a result:

  • 91% are making changes to improve their credit report and score.
  • 90% can calculate reasonable monthly housing costs based on a budget.
  • 84% pay mortgage on time every month.
  • 80% can identify down payment and closing requirements of loans.

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