Down Payment Help


Home » North Dakota Down Payment Help » Bismarck Down Payment Help

North Dakota Housing Finance Agency

2624 Vermont Avenue
Bismarck, ND - 58502
(701) 328-8080

Join



About North Dakota Housing Finance Agency

Downpayment Assistance



First-time homebuyers in Fargo are eligible to receive Down Payment and Closing Cost Assistance (DCA) from the North Dakota Housing Finance Agency. The DCA program provides zero interest, deferred payment loans to help low-to-moderate income first-time homebuyers meet closing cost requirements. Homeowners are eligible to receive the greater of $3,000 or 3% of the purchase price of the home.

Down Payment and Closing Cost Assistance Program
The Downpayment and Closing Cost Assistance (DCA) Program provides zero interest, deferred payment loans to help modest income first-time homebuyers meet their out-of-pocket cash requirements.
Am I Eligible?

If you are a first-time homebuyer, a household that has not owned a home (including a manufactured home on a permanent foundation) in the last three years, you may be eligible.

1) You must meet income limits, which vary based on county and family size.

2) The purchase price of the property must be within program limits.

Previously Occupied (Existing) 1 Unit 2 Units
Statewide $195,000 $249,000

Previously Unoccupied (New) 1 Unit
Statewide $195,000

Limits are effective as of May 14, 2014.

3) You are expected to meet normal credit underwriting standards and must intend to occupy the property as your principal residence. You are also required to make a minimum of a $500 out-of-pocket cash investment.

DCA cannot be used in conjunction with other down payment assistance programs.

The home you purchase must pass both U.S. Department of Housing and Urban Development Housing Quality Standards and environmental reviews at time of occupancy, and it cannot be located within a 100-year flood plain.

4) You must complete a homebuyer education course and receive a certificate of completion that is dated before loan closing.

Locate North Dakota Housing Finance Agency



Comments

Post Comment

Click to reload image
Please type code above: