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The North Dakota
Housing Finance Agency is a public financial institution dedicated
to making housing affordable for all North Dakotans. The Agency
facilitates affordable mortgage financing, assures the continued
availability of low-income rental housing, and seeks to provide for
the state’s changing housing needs.
The Industrial
Commission of North Dakota, consisting of the Governor, Attorney
General and Agriculture Commissioner, oversees the Agency with
advice from a six-member citizen advisory board.
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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). |
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| 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 |
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PRICE LIMITS: |
New &
Existing = Up To $237,000 |
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RATES: |
30 year and 40 year terms available Subject to change
daily.
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Down
Payment Assistance Programs |
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START PROGRAM:
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| 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 |
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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 |
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Acquisition Limits: |
New and Existing: $200,160 |
| Repayment: |
0%
interest, deferred payment loan. Repaid only if home is
sold in first 5 years
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City Of Fargo |
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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 |
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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 |
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