North Dakota

NDHFA FirstHome program

The North Dakota first-time home buyer program provides competitive conventional, FHA, VA, and USDA financing for first-time homebuyers meeting specific qualifications. Purchase limits hinge on property type, starting at $481,176 for a single-family home and climbing higher for multi-unit dwellings.

Income restrictions tied to county and household size also apply. For example, a solitary applicant or couple buying a home in populous Cass County, the site of metropolitan Fargo, faces a present limit of $104,100. Larger families there, topping three individuals, encounter a ceiling of $119,715.

Supplementary rules remain in effect: Contributing no less than $500 to the purchase and employing the acquired abode as your chief place of residence. These criteria govern all NDHFA loan programs.

Remember that the lowest credit score may prove necessary for any NDHFA loan approval. An NDHFA-affiliated mortgage lender can offer guidance on qualifying.

NDHFA HomeAccess program

The NDHFA's HomeAccess program is more than just aimed at first-time home buyers in South Dakota and North Dakota. Like its FirstHome counterpart, it provides competitive interest rates and down payment assistance opportunities.

This option caters more specifically to select demographics:

• Single parents raising children primarily in their care, veterans honorably discharged from military service.
• Whether the applicant or their spouse, those permanently disabled or living with a dependent with a permanent disability who resides with them, and applicants at least sixty-five years of age or supporting a spouse of that age under their roof.
• Borrowers must also satisfy income restrictions and conform to maximum purchase prices established under the FirstHome program to qualify.

Though benefits are comparable to FirstHome's, HomeAccess slightly widens the door to accommodate these targeted groups through tailored financial incentives as they pursue homeownership.

NDHFA North Dakota Roots

The NDHFA's North Dakota Roots program provides alternatives for initial homeowners whose earnings surpass the constraints of the FirstHome initiative. Initially aimed at people relocating to the Peace Garden state, this North Dakota housing assistance program supplies either a reduced-rate interest loan or market-rate lending with help for down payments and closing expenses. While establishing no ceilings for acquisition prices independently, its financial backing adheres to the Government Housing Finance Agency's conforming loan restrictions binding on most traditional home loans.

NDHFA Targeted Area Loan

Suppose you desire to obtain a home in either Cass County or Sioux County. In that case, you may qualify for a Targeted Area Loan provided by the North Dakota Housing Finance Agency. This low-interest mortgage option is available regardless of whether you are a first-time buyer seeking your initial property. However, income thresholds and maximum purchase prices apply just as with other NDHFA programs.

NDHFA Down Payment and Closing Cost Assistance (DCA)

Qualified applicants who meet first-time home buyer M.N. income limits and complete homebuyer education before closing can obtain the Down Payment and Closing Cost Assistance program from NDHFA. Solely single-family homes or two-unit duplexes may be purchased, with the duplex requiring occupancy of one unit as a primary residence.

NDHFA Start

NDHFA Start also provides help with down payment and closing costs. Unlike DCA, the program is eligible only for single-family dwellings or duplexes intended for owner-occupation. It requires buyers to earn below specific amounts and finish homeownership preparation before finalizing contracts.