First Time Home Buyers
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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.

First Time Home Buyer Grants in Every State

Up To $10,000 Down Payment Assistance

CLICK HERE


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, search for a lender that has great rates, an easy online application, and welcome first time home buyers. Additionally find one that has 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


   
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