North Dakota Housing Financing Agency

 

North Dakota Housing    First-time Homebuyer Programs

NDFHA BOND

WHO IS ELIGIBLE: 
First time homebuyers or those who have not owned a home within the last 3 years (other than a mobile home not permanently attached to real property).

 
INCOME LIMITS:  Family size Less than 3  Family size 3 or more  
Start and Standard $65,000 $74,750  
Home Key Program   $32,500 $37,375  
       
PRICE LIMITS: New & Existing = Up To $237,000    
RATES:
30 year and 40 year terms available Subject to change daily. 
 

 

Down Payment Assistance Programs
START PROGRAM:   
1 unit properties only  

Must not have owned a home in the past 3 years
Assistance amount:       3% of Loan Amount can be used toward down payment, closing costs and prepaids
Income limits: Same as bond
Borrower contributions: $500 out of pocket expense
Acquisition Limits:   Same as NDHFA BOND.  Only single unit properties
Repayment:

Gift- no repayment
Start Assisted first mortgages have a slightly higher rate
 

DCA (Downpayment and Closing Cost Assistance )
1 unit properties only   Must not have owned a home in the past 3 years
Assistance amount:      

Greater of 3% of purchase price or $3,000
Income limits: Family size:
1-$36.400  2-$41,600 3-$46,800 
4-$52,000 , 5-$56,150 
6-$60,300 7-$64,500  8- $68,650
Borrower contributions: $500 out of pocket expense
Acquisition Limits:   New and Existing: $200,160
Repayment:

0% interest, deferred payment loan.  Repaid only if home is sold in first 5 years
 

City Of Fargo

You do not have to be a First Time Homebuyer.  Must complete a first time homebuyer education program and counseling prior to making an offer to purchase a home.
Assistance Amount:      $5,000
Property Location:              

Must be located within Fargo city limits
Income limits: Family size:
1-$36.400  2-$41,600  3-$46,800 
4-$52,000 , 5-$56,150  6-$60,300
7-$64,500  8- $68,650
Cash Assets: Can not exceed 20% of purchase price
Acquisition Limits:   New and Existing: $135,000
Repayment: Zero interest deferred payment loan.  Due when you sell your home