BISMARCK, ND – November 29, 2010 – (RealEstateRama) — The dream of homeownership has become a reality for more than 35,000 North Dakota families thanks to the North Dakota Housing Finance Agency’s (NDHFA) FirstHome™ program. The Agency recently marked its 35,000th first-time homebuyer loan.
“North Dakota Housing is a key player in home purchases statewide,” said Dave Flohr, NDHFA homeownership division director. “Working with local lenders, the Agency has offered first-time buyers a stable and affordable loan product for almost 30 years. Buying your first home is an exciting time and we are pleased we have been able to help so many North Dakota families.”
NDHFA’s homeownership programs provide reduced interest rate mortgages, and assistance with out-of-pocket expenses like down payment and closing costs. Participating financial institutions work with borrowers to determine eligibility and originate the loans. Once a loan closes, it is purchased by NDHFA.
“The assistance provided by North Dakota Housing helps families achieve homeownership faster than they are able to do with conventional financing,” said Flohr.
About 40 lending institutions statewide actively partner with the NDHFA to offer mortgages at an interest rate that is currently around 4 percent. Borrowers must meet income qualifications. Depending on family size and the county where the home being purchased is located, maximum household income is $61,500 to $78,430.
The NDHFA has purchased $2.38 billion worth of mortgage loans in its lifetime. The average loan purchased by the agency this year was valued at $112,000. The maximum loan limit is $237,000.
To determine if you quality for financing from the NDHFA, contact a participating lender or a FirstHome certified real estate agent. Information is also available online.
The Industrial Commission of North Dakota, consisting of Governor John Hoeven, as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees NDHFA.