The Challenge
Like many housing finance agencies across the country, the Michigan State Housing Development Authority is the sole institution in the state that offers a down payment assistance program and other advantageous loan products to eligible first-time homebuyers with low to moderate incomes. Despite the program’s obvious benefits and low interest rates, MSHDA historically received scant attention from potential borrowers due primarily to lack of awareness among the target audience.
Our Solution
MSHDA worked with Güd Marketing to develop a comprehensive home loan and down payment assistance campaign atypical of government creative, coined the “Down Payment Fairy.” The Down Payment Fairy was relatable to young potential homebuyers, letting them know that homeownership is within their reach through MSHDA’s personified “magic” down payment program. MSHDA saw a 40% increase in the volume of loans and a nearly 70% increase in year-over-year funding with the down payment assistance campaign.
Measurable Results
Loan commitments were made in August 2013, a MSHDA record and the highest since the ’08 housing crisis
in loans per week, increased from $4 million per month
Site visits to OwnMiHome.org in the first 60 days of campaign with 10-30 daily loan inquiries
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