North Dakota FirstHome Program Guide

Guide to the North Dakota FirstHome Program

The North Dakota FirstHome Program is specifically designed to assist first-time homebuyers in achieving homeownership by offering affordable mortgage options and down payment assistance. This program helps make purchasing a home more accessible for low- and moderate-income buyers. Below is a detailed guide to the program’s benefits, eligibility requirements, and how to apply for 2025.

1. Program Overview:

• Purpose: The FirstHome Program provides low-interest mortgage loans and financial assistance to reduce the upfront costs associated with purchasing a home.
• Down Payment Assistance: Eligible buyers can access financial assistance to help cover down payment and closing costs, easing the financial burden of homebuying.
• Fixed Interest Rates: Borrowers benefit from competitive fixed-rate mortgages, ensuring predictable monthly payments.

2. Eligibility Requirements for 2025:

To qualify for the North Dakota FirstHome Program, applicants must meet the following criteria:

• First-Time Buyer: Applicants must be first-time homebuyers, defined as those who have not owned a home in the last three years. Exceptions may apply for veterans or buyers in targeted areas.
• Income Limits: Household income must fall within the program’s limits, which vary based on location and household size. These limits are updated annually to reflect area median income (AMI).
• Purchase Price Limits: The home’s purchase price must not exceed program-specific limits, which are adjusted annually based on regional housing costs.
• Primary Residence: The property must be located in North Dakota and used as the buyer’s primary residence. Second homes and investment properties are not eligible.
• Credit Requirements: A minimum credit score is required, with specific thresholds depending on the lender and loan type.
• Homebuyer Education: Completion of a homebuyer education course is mandatory to ensure buyers are prepared for the responsibilities of homeownership.

3. How to Apply:

The application process for the North Dakota FirstHome Program involves the following steps:

• Contact a Participating Lender: Begin by reaching out to an approved lender offering this program. They will confirm your eligibility and guide you through the process.
• Gather Required Documentation: Be prepared to provide proof of income, tax returns, credit history, and a certificate from the required homebuyer education course.
• Submit Your Application: Work with your lender to complete the application and submit all required documents for review and approval.

4. Program Benefits:

• Down Payment Assistance: Financial support helps reduce upfront costs, making homeownership more attainable.
• Fixed-Rate Mortgages: Borrowers benefit from stable, predictable monthly payments with competitive interest rates.
• Support for First-Time Buyers: Tailored to first-time homebuyers, the program ensures comprehensive assistance to ease the transition into homeownership.

5. Assistance Details:

• Assistance Amount: Eligible buyers can receive financial support based on their financial situation and program guidelines, typically covering a percentage of the purchase price or a fixed amount for down payment and closing costs.
• Repayment Terms: Assistance is often structured as a forgivable loan, with repayment not required if residency conditions, such as living in the home for a specified period, are met.

6. Additional Considerations:

• Combination with Other Programs: The FirstHome Program can often be combined with other state or federal assistance programs to maximize benefits for eligible buyers.
• Program Fees: Some fees may apply during the application process, which your lender will explain in detail.

The North Dakota FirstHome Program is an excellent resource for first-time homebuyers seeking financial assistance and affordable mortgage options in 2025. By providing down payment assistance and competitive financing, this program helps make homeownership a reality for eligible buyers. Contact a participating lender today to learn more and begin your application process.