North Dakota HFA: FirstHome Program Income Limits Increased Statewide

 

The Industrial Commission has increased the maximum income limits for the North Dakota Housing Finance Agency’s (NDHFA) popular FirstHome ™ program.

 

“This program has helped more than 36,000 North Dakota families buy their first home,” Gov. Jack Dalrymple said. “By increasing the program’s income limits, we can help even more young families make their move to home ownership.” 

 

“The program’s new maximum income limits range from $67,600 to $89,335 depending on household size and the county where a financed home is located,” said Agriculture Commissioner Doug Goehring. “This action means that more North Dakotans will be able to qualify for North Dakota Housing’s programs.”

 

The program’s highest income levels are in Burleigh and Morton counties.

 

The commission also increased the income limits for Start, NDHFA’s down payment assistance program and HomeAccess, a mortgage program targeted to disabled, elderly, veteran and single-parent households. The income limits for NDHFA’s HomeKey program, which serves lower-income households, were set at 50 percent of the other incomes.

 

“The reduced interest-rate mortgages provided by North Dakota Housing result in a significant savings each year for their borrowers,” said Attorney General Wayne Stenehjem.” All of the agency’s loans are fixed-rate, meaning the principal and interest portion of your monthly payment will never change.”

 

There were 1,081 North Dakota households that used the homeownership program in 2011. Almost 74 percent of borrowers received down payment and/or closing cost assistance. The average NDHFA loan was $117,984. The average borrower’s household income was $48,079.

 

NDHFA’s income limits increase was established using HUD’s recently published area median income numbers. The acquisition cost limit for the programs is $237,000 statewide. To determine eligibility or for more information on the programs, potential homebuyers should contact an NDHFA participating lender. Information is also available online at www.ndhfa.org.

 

The Industrial Commission of North Dakota, consisting of Gov. Jack Dalrymple, as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the NDHFA.