First Time Home Buyer
Programs in North Dakota
Complete First Time Home Buyer Programs Available in North
Dakota.
The state agency created by the legislature in North Dakota to
offer first time home buyer programs is the North Dakota Housing Finance Agency.
Here is a summary of the current first time home buyer programs that are
offered:
Start Program
An extra little boost may be just what first-time homebuyers need to be able to
put down money on the starter home that they have been eyeing. The Start Program
provides first-time buyers with affordable first mortgages and help with their
out of pocket cash requirements.
The program assistance is equal to three percent of the Start first mortgage.
The help is in the form of a credit to the borrowers at the time of loan
closing.
Start assisted first mortgages have a slightly higher interest rate than
FirstHome mortgages. The program cannot be used in conjunction with other
downpayment assistance programs. The borrower must have a minimum of a $500 out
of pocket investment.
HomeSmart - a grant program to encourage
first-time homebuyers to attend homebuyer education prior to home purchase.
Home Mortgage Loans
FirstHome Program - a home mortgage with below market interest rates available
to low- to moderate-income homebuyers.
HomeKey Program - offers very low-income borrowers an interest rate reduction on
standard FirstHome loans.
HomeAccess Program - provides low-interest mortgage loans to disabled, elderly
and single-parent households.
North Dakota Roots - a homeownership incentive program targeted to new and
returning North Dakotans.
Rural Real Estate Mortgage Program - NDHFA serves as a secondary market for
Rural Housing Service residential real estate mortgages.
Targeted Area Loan Program - available on a first-come, first-served basis to
any mortgagor purshasing a home in any of North Dakota's Targeted Areas.
Down Payment and Closing Cost Assistance
Start Program - provides low to moderate income homebuyers with assistance for
downpayment, closing costs and prepaids.
Down Payment and Closing Cost Assistance Program - designed to assist low income
borrowers with downpayment and closing cost requirements.
Second Mortgage Programs - non-NDHFA second mortgage programs. Homeownership
assistance programs that can be used in conjunction with NDHFA loans.
North Dakota Roots - a homeownership incentive program targeted to new and
returning North Dakotans.
For complete details on these first time home
buyer programs available to North Dakota residents, visit the
North Dakota Housing
Finance Agency website. You can also reach them directly at:
North Dakota Housing Finance Agency
1500 East Capitol Avenue, PO Box 1535, Bismarck, ND 58502-1535
Phone: Bismarck Main Office -- (701) 328-8080 | ND Toll Free (800) 292-8621 |
Fax (701) 328-8090
It is highly recommend that you also visit the
First Time Home Buyer Grants page
for free assistance with the down payment. This will make it possible for many
people to qualify for a first time home
buyer loan who wouldn't have qualified without the grant assistance.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
