FirstHome Program is a first-time homebuyer grant offered for North Dakota residents. To become an eligible borrower you have to meet some limitation and restrictions. FirstHome Program allows you to have reduced interest rates if you can meet the property limits and can qualify under normal credit underwriting requirements. As a first-time homebuyer you have to meet a high credit score and to prove that you haven’t owned a house until the moment of purchase or in the last three years. FirstHome Program offers you a $500 out-of-pocket cash investment to solidify the loan. Your household income limits consists in the total gross annual household income of all home’s adult residents. The total income includes wages, commissions, child support, alimony, bonuses, earnings from a second job, and investments. You are allowed to purchase single-family detached homes, one-half duplex, semi-detached homes, condominiums, townhomes, or manufactured homes on a permanent foundation. FirstHome Program allows FHA, VA,  USDA Rural Development, and Fannie Mae. You are advised to attend a homebuyer education class and to contact a specialized lender to advise and guide you through the application and buying process.

 

Start Program is a down payment and closing costs mortgage loan offered for North Dakota residents. To become an eligible borrower you have to meet some limitations and restrictions. Start Program cannot be used in conjunction with other down payment assistance programs. Start Program allows you to benefit of reduced interest rates if you can meet the property limits and can qualify under normal credit underwriting requirements. As a first-time homebuyer you have to meet a high credit score and to prove that you haven’t owned a house until the moment of purchase or in the last three years. Start Program offers you a credit equal to 3 % of the first mortgage.  The requirement of the first-time homebuyer applies unless the home is located in a target area or you are a qualified veteran. Certain exceptions apply as well if the home was lost by divorce, in case of forced job relocation or natural disaster. As a Start Program borrower, you have to attend a homebuyer education course which will help you understand the home buying process as well as the advantages and responsibilities of owning a home. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

Down Payment and Closing Cost Assistance Program (DCA) is a deferred-payment loan which helps borrowers with the down payment and closing costs. To become an eligible borrower, you must put at least $500 towards the transaction and to meet the income limits and purchase price limits requirements. To become eligible, you have to reach a FICO score of at least 620 and a debt-to-income ratio of 41 %. The mortgage loan is due upon sale of the property or refinance. Down Payment and Closing Cost Assistance Program offers you a zero interest loan, but you cannot use the DCA together with other down payment assistance programs. Down Payment and Closing Cost Assistance Program requires that you show a need for the assistance and prove that your total assets aren’t over $30,000. You may use your loan for purchasing a principal residence with an acquisition cost not exceeding $135,000. Down Payment and Closing Cost Assistance Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

 

HomeKey Program is a loan program designed for North Dakota homebuyers to assist the low-income borrowers and enhance their purchasing power. If you become an eligible borrower, you will be offered a reduction of about 2 % for the first year of a valid loan. Over the next two years, the interest rate and monthly payments will increase twice, and then remain fixed for the remainder of the loan’s life. HomeKey Program is an innovative financing solution conceived for loan amounts of up to $1.5 million and up to 75 % loan-to-value. You may access the funds if you haven’t owned a home during the past three years. HomeKey Program requires that you have at least a 620 FICO and an income of less than 50 % of the applicable income limit. The funds are available statewide for existing and newly constructed homes. Borrower income and home purchase price limits are applicable for the program and vary by county. HomeKey Program can be combined with a down payment program, depending on the needs of the household. HomeKey Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

HomeSmart Program is a North Dakota Housing Finance Agency program that encourages first-time buyers to prepare for homeownership by completing a classroom workshop. You may access the courses at your own convenience, either in class or online (through eHome America platform). The fee for the eHome America course is $99, but you have to pay only $49 (after the NDHFA’s discount). If you qualify for the loan, you are granted an additional $100 that may be used for closing costs or other expenses. HomeSmart Program addresses to low and moderate-income North Dakota households. The program can be combined with a down payment program, depending on the needs of the household. HomeSmart Program requires that you have at least a 620 FICO and an income of less than 50 % of the applicable income limit. The funds are available statewide for existing and newly constructed homes. Borrower income and home purchase price limits are applicable for the program and vary by county. HomeSmart Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it. HomeAccess Program is a low-rate mortgage loan offered to single parents, veterans, the disabled and/or the elderly. To become an eligible borrower you aren’t required to be a first-time homebuyer, but you have to prove that you or your family are/is being overcoming hardships and really need the loan. HomeAccess Program offers increased purchase prices of up to $277,683 (according to your income limits and the county of residence). The purchase price limits for the mortgage revenue bond programs are dictated by the Internal Revenue Service. The limits vary according to the differences between average and median home prices. HomeAccess Program does not make any distinction or have special requirements for new and existing properties. As a first-time homebuyer you have to meet a high credit score and you must prove that you haven’t owned a house until the moment of purchase or in the last three years. HomeAccess Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

North Dakota Roots Program is a mortgage loan offered for moderate-income North Dakota residents. This program isn’t addressed to first-time homebuyers. If you qualify for this program, you are required to put in at least $500 of your own cash, to have lived out of the state at least one year before establishing residency and to work at least 20 hours per week. North Dakota Roots Program requires income and purchase price limits and to purchase your home within the first year of employment in the state. The program may be combined with any other down-payment and closing-cost assistance program. You are allowed to have a total household earning up to 140 percent of the area median income which can vary between $97,440 and $110,600 (depending on the county where a financed home is located). North Dakota Roots Program does not make any distinction or have special requirements for new and existing properties. As a first-time homebuyer you have to meet a high credit score and you must prove that you haven’t owned a house until the moment of purchase or in the last three years. North Dakota Roots Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

Major Home Improvement Program is a reduced-rate loan used for refinancing and rehabilitating homes. This program is backed by the government and it can be accessed through traditional lenders on a nationwide basis or only on a state or county level. If you qualify for this program, you can use it to pay the seller or, if a refinance, to pay off the existing mortgage. Major Home Improvement Program requires that the cost of the rehabilitation must be at least $5,000, still taking into account the mortgage limit for your area of residence. You have to ask your lender about additional fees which may apply. Major Home Improvement Program offers you the loan for your home rehabilitation or to finance the rehabilitation of a residential part of your property that has non-residential uses. The eligible activities allowed by the program may include: structural alterations and reconstruction, modernization and improvements to the home's function, major landscape work and site improvements, enhancing accessibility for a disabled person or making energy conservation improvements. Major Home Improvement Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact an approved participating lender who will guide you and help you choose the most suitable program for your needs and to qualify for it.

 

FirstHome Program

Start Program

Down Payment and Closing Cost Assistance Program

HomeKey Program

HomeSmart Program

HomeAccess Program

North Dakota Roots Program

Major Home Improvement Program