First Time Home Buyer ND

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First time home buyer ND information and buyer assistance programs to help you with your home buying journey.

The North Dakota Housing Finance Agency can assist you if you are a first-time homebuyer and a resident of North Dakota or relocating to the state.

The state’s housing finance agency can help you secure a reasonable mortgage, as well as down payment and closing cost funding.

North Dakota first-time homebuyer loan programs

NDHFA FirstHome program

The North Dakota Housing Finance Agency’s (NDHFA) FirstHome program provides affordable conventional, FHA, VA, and USDA financing to first-time homebuyers.

You may qualify for the program if you meet specific criteria, such as purchase price limits based on the sort of property you’re purchasing.

These restrictions vary from $311,979 for a new or previously owned single-family home to $600,037 for a four-unit structure.

In addition, your income cannot exceed the program’s income limits, which are depending on your county and the size of your home.

The current income restriction for one- or two-person households purchasing a home in Cass County is $91,300.

Cass County’s maximum for households with three or more members is $104,995.

There are more needs as well: You must make a minimum $500 down payment, and the home you’re purchasing must be your primary residence. These criteria apply to all loan programs offered by the NDHFA.

Consider that you may require a minimum credit score to qualify for any NDHFA loan; an NDHFA-participating mortgage provider can provide more information.

NDHFA HomeAccess program

HomeAccess is not limited to first-time homebuyers, but like FirstHome, it offers low interest rates and down payment help. However, this program is designed for specific populations:

➣ A single parent with at least one child who resides with them at least fifty percent of the time.

➣ A veteran who has been honorably discharged (either the borrower or the borrower’s spouse)

➣ A borrower with a permanent disability or who resides with a dependent or spouse with a permanent disability.

➣ A borrower who is at least 65 years old, or who resides with a dependant or spouse who is at least 65 years old.

To qualify, you must also satisfy the same income and purchase price criteria as the FirstHome program.

NDHFA North Dakota Roots program

First-time and repeat homeowners whose salaries surpass the FirstHome program’s limits may qualify for a North Dakota Roots loan through NDHFA.

NDHFA Targeted Area Loan

If you are interested in purchasing a home in the following counties, you may be eligible for an NDHFA Targeted Area Loan at a low interest rate:

➣ Benson County
➣ McKenzie County
➣ Rolette County
➣ Sioux County

You are not need to be a first-time homebuyer to qualify for this loan; nevertheless, you must fulfill income and purchase price requirements.

These limits surpass those of the FirstHome and HomeAccess programs, and the maximum purchase price is $381,308.

North Dakota down payment assistance

NDHFA provides two principal down payment assistance programs, both of which can be combined with an NDHFA loan.

Note that if you are purchasing a property with three or more units, you will not be eligible for this help.

➣ Down Payment and Closing Cost Assistance (DCA) from the NDHFA

Note: To qualify for Down Payment and Closing Cost Assistance (DCA) from the NDHFA, you must fulfill the program’s income requirements and complete a homebuyer education course prior to closing.

Additionally, you can only purchase a single-family or two-unit dwelling (duplex).

You must occupy one of the apartments as your principal residence if you purchase a duplex.

➣ NDHFA Start – The NDHFA’s Start program also provides assistance with the down payment and closing costs. Similar to the DCA program, you must purchase a single-family or duplex house that you intend to occupy.

Other first-time homebuyer loan programs

There are extra first-time homebuyer financing programs to explore, in addition to the North Dakota state programs.

Fannie Mae and Freddie Mac, two government-sponsored corporations that control the majority of the mortgage industry, guarantee conventional loans with as little as 3 percent down.

There are other government-insured loan programs, such as FHA loans, which are popular due to their low-down payment requirements.