If you live in North Dakota and are looking for buy your first home – or moving to the state and a First time buyer – The North Dakota Housing Finance Agency can help. This government housing finance agency can assist you with obtaining an affordable mortgage, as well as paying down and closing costs. Both of these can speed up your path to becoming a homeowner.
First-time home loan programs in North Dakota
NDHFA FirstHome program
The North Dakota Housing Finance Agency (NDHFA) FirstHome Program offers competitive conventional, FHA, VA, and USDA financing to first-time buyers.
You might be eligible for the program if you meet certain requirements, including purchase price limits based on the type of property you are buying. These limits range from $ 294,600 for a single family home (new or used) to $ 566,628 for a four-unit property.
Your income cannot exceed that of the program either Income limitsbased on county and household size. If you are a one or two person household buying a home in Cass County, the current income limit is $ 89,400. If your household has three or more members, the Cass County limit is $ 102,810.
There are other requirements too: you need to raise at least $ 500 to buy it, and the home you’re buying must be used as your primary residence. These criteria apply to all NDHFA loan programs.
Keep in mind that you may need a minimum credit value to qualify for an NDHFA loan. A mortgage lender participating in the NDHFA can advise you.
NDHFA HomeAccess program
The HomeAccess program from NDHFA is not only aimed at first-time buyers, but, like the FirstHome program, offers low prices and support with down payments. However, this program is aimed at specific groups:
- A single parent with at least one dependent child who lives with the parent at least 50 percent of the time
- An Honorable Dismissed Veteran (either the borrower or the borrower’s spouse)
- A borrower who either lives with a permanent disability or whose relative or spouse lives with a permanent disability and who also lives with the borrower
- A borrower aged 65 or older, or who has a dependent or spouse aged 65 or older who also cohabits with the borrower
You must also meet to be eligible Income and purchase price limitsthat are identical to the FirstHome program.
NDHFA North Dakota Roots Program
The NDHFA’s North Dakota Roots Loan Program can be an option for first-time and repeat buyers whose income exceeds the limits of the FirstHome program. The roots of North Dakota Income limits vary depending on the district.
NDHFA Targeted Area Loan
If you are interested in buying a home in the following countries, you may also qualify for a low-interest, destination loan through NDHFA:
- Benson County
- McKenzie County
- Rolette County
- Sioux County
You don’t have to be a first-time buyer to benefit from this loan, although you will have to meet Income and purchase price limits. These limits are higher than the limits for the FirstHome and HomeAccess programs, and the purchase price is up to $ 346,315.
North Dakota Down Payment Assistance
NDHFA offers two main Advance payment assistance Programs both of which can be combined with an NDHFA loan. Note that if you buy a three or four unit property, you are not eligible for this assistance.
- NDHFA down payment and final financial aid (DCA) – To be eligible for NDHFA Down Payment and Closing Expenses (DCA) support, you must meet the program requirements Income limits and take a homebuyer training course prior to graduation. In addition, you can only buy a single-family or two-family house (duplex), and the property cannot be located within a 100-year-old meadow landscape. When buying a maisonette, you will need to have one of the units as your primary residence.
- NDHFA start – The start-up program of the NDHFA also offers support with down payments and closing costs. As with the DCA program, you need to buy either a single family home or a maisonette that you want to live in.
Other first-time buyer loan programs
In addition to the North Dakota state programs, there are other first-time home buyer loan programs that are worth considering.
For example, Fannie Mae and Freddie Mac – the two state-sponsored companies responsible for most of the mortgage market – are supporting conventional loans with a drop of only 3 percent. There are also government insured loan programs, including FHA loans, which are popular because they do not require a large down payment. For more information on these and other programs, see the Bankrate manual First time buyer loans.
For more North Dakota home ownership programs, including by region, see HUD.gov.
The North Dakota Housing Finance Agency website provides the most up-to-date information on North Dakota first-time buyer programs. There you will find a list of Mortgage lender Who can help you determine what you might qualify for? Take the time to compare Mortgage rates from multiple lenders before committing to an offer.