Mich. (WJMN) – June is National Homeownership Month and the start of the busy summer home-buying season.

However, for those looking to buy a home in the Upper Peninsula right now, it may be coming with some challenges to secure that perfect home.

Darren Montreuil, a homeownership business development specialist with the Michigan State Housing Development Authority (MSHDA), discusses these challenges.

“There’s a national inventory issue as far as single-family homes that are available on the market right now. So that’s why it’s important to be well-informed and take advantage of all the resources that are available so you’re making the best possible offer on the homes and strongest available offers on the homes that are available in your area.”

MSHDA has those resources and programs available for Michiganders looking to purchase a home.

“MSHDA does provide below-market interest rates on their first mortgage program. And that advantage to that is it increases your purchase power, it keeps your first mortgage payment as low as possible. We also offer two variations of a down payment assistance second mortgage. It’s a zero percent interest second mortgage with no monthly payment that’s required,” said Montreuil. “So it allows a buyer to get into a home for as little as one percent down, which means they don’t have to save as much, it gives them an opportunity to extend their savings, earn leverage as much and they’re saving as much as possible. The federal tax credit program is virtually a 20 percent discount on your interest rate if that’s something that is available to those buyers.”

For more information on these programs, you can visit michigan.gov/mshda/homeownership.