What is the North Dakota FirstHome Program?
The North Dakota FirstHome Program provides low-interest, fixed-rate mortgage options and down payment assistance to eligible first-time homebuyers in North Dakota.
Who qualifies for the FirstHome Program?
Eligibility is open to first-time homebuyers, defined as those who have not owned a home in the past three years. Buyers must meet income, credit, and property requirements and plan to use the home as their primary residence.
Does the program include down payment assistance?
Yes, the program offers optional down payment and closing cost assistance to help reduce upfront expenses for eligible buyers.
Is the down payment assistance a loan or a grant?
The assistance is a deferred loan, which does not require monthly payments and is due only when the home is sold or refinanced.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, though higher scores may improve eligibility and loan terms.
Are there income limits for the FirstHome Program?
Yes, income limits apply and vary based on household size and property location. These limits are updated annually to reflect current economic conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the FirstHome Program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.
Is homebuyer education required for the FirstHome Program?
Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the responsibilities of homeownership.
What is the maximum purchase price allowed under the program?
The maximum purchase price varies by location but is generally capped at $400,000 in most areas.
Can the FirstHome Program be combined with other assistance programs?
Yes, eligible buyers can combine the FirstHome Program with other state or local assistance programs to maximize financial support.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program typically allows a maximum DTI ratio of 45%, though exceptions may apply depending on other qualifying factors.
What fees are associated with the FirstHome Program?
Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before repaying the down payment assistance?
If you sell or refinance, the balance of the deferred loan for down payment assistance must be repaid at that time.
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Get Started NowCan the program be used to refinance an existing home?
No, the FirstHome Program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are mandated, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the FirstHome Program?
Yes, the property must be located in North Dakota, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the FirstHome Program?
The program provides affordable mortgage rates, optional down payment assistance, and access to homebuyer education, making homeownership more attainable for first-time buyers.
How do I apply for the FirstHome Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the FirstHome Program?
The program provides a 30-year fixed-rate mortgage, offering predictable monthly payments and long-term affordability for homebuyers.