In an effort to keep neighborhoods thriving and attractive in the midst of a housing crunch, the City of Muskegon is offering two of its renovated homes on a rent-to-buy basis for first-time homebuyers. The move will help homebuyers acquire a home, will defray the city’s costs of maintaining the structure, and the program will provide incentives for obtaining a mortgage.
According to excerpts from the story:
The city of Muskegon has had some success in recent years fixing up and selling homes to first-time buyers, with help from the U.S. Department of Housing and Urban Development and local financial institutions.
But with the tightening of home mortgage credit requirements, the city is having to resort to a variation of the "rent-to-own" concept.
Read the complete story here.
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