Bootcamp For Buyers

North Dakota Start Program

The North Dakota Start Program, administered by the North Dakota Housing Finance Agency (NDHFA), is designed to help eligible homebuyers reduce the upfront costs of purchasing a home. By providing financial assistance for down payments and closing costs, the program makes homeownership more attainable for residents across North Dakota.

Benefits

  • Offers up to 3% of the loan amount in down payment and closing cost assistance, reducing the financial burden on homebuyers.
  • Assistance is structured as a zero-interest, deferred loan that requires no monthly payments until the property is sold, refinanced, or no longer used as the primary residence.
  • Supports first-time and repeat homebuyers who meet program eligibility requirements.
  • Can be paired with NDHFA’s affordable mortgage products, such as the FirstHome Program, for additional financial support.
  • Encourages long-term housing stability and equity building for eligible participants.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within North Dakota.
  • The property must be located in North Dakota and used as the buyer’s primary residence.
  • A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applicable.
  • Debt-to-income ratios must align with program guidelines to ensure affordability and financial readiness.
  • Participants must complete an NDHFA-approved homebuyer education course to prepare for the responsibilities of homeownership.

Additional Information

The North Dakota Start Program is a critical resource for individuals and families seeking to reduce the financial challenges of purchasing a home. By providing targeted financial assistance, the program empowers eligible buyers to secure stable housing and build long-term equity. Administered by the North Dakota Housing Finance Agency, this initiative promotes sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the North Dakota Start Program?

The North Dakota Start Program provides affordable, fixed-rate mortgages and down payment assistance to help low- and moderate-income homebuyers achieve homeownership.

Who qualifies for the Start Program?

Eligibility is open to both first-time and repeat homebuyers who meet income, credit, and property requirements. Buyers must use the home as their primary residence.

Does the Start Program include down payment assistance?

Yes, the program offers 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, meaning repayment is required only if the home is sold or refinanced before the term ends.

What is the minimum credit score required for the Start 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 Start Program?

Yes, income limits apply and vary by household size and property location. These limits are updated annually to reflect market conditions.

What types of properties are eligible for the Start Program?

Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.

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Can the Start Program be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program requirements and are intended to be the buyer’s primary residence.

Is homebuyer education required for the Start Program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the financial 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 Start Program be combined with other assistance programs?

Yes, the Start Program can be combined with other state or local assistance programs to provide additional financial support.

Are there debt-to-income (DTI) ratio limits for the Start Program?

Yes, the program typically allows a maximum DTI ratio of 45%, though exceptions may apply depending on other financial factors.

What fees are associated with the Start 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 before the deferred loan term ends, the balance of the assistance must be repaid at that time.

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Can the Start Program be used to refinance an existing home?

No, the Start Program is designed specifically for purchasing a primary residence and does not apply to refinancing.

Are there reserve requirements for the Start Program?

No specific reserve requirements are mandated, but having financial reserves may improve an applicant’s overall loan profile.

Are there location restrictions for the Start 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 Start Program?

The program provides affordable mortgage rates, optional down payment assistance, and access to homebuyer education, making homeownership more accessible for eligible buyers.

How do I apply for the Start 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 Start Program?

The program offers a 30-year fixed-rate mortgage, ensuring predictable monthly payments and long-term affordability for homebuyers.

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