Homebuyer program offers incentive to live in Minot
Individuals and families whose homes were damaged or are being bought out for flood protection may be eligible for up to $60,000 to help them purchase another home.
The City of Minot, through its National Disaster Resilience Program, is offering a Buy-in to Minot Incentive for low- and moderate-income residents through a new Resilient Homebuyer Program.
The program is available to anyone whose residence is being acquired for flood control or flood mitigation and to interested buyers whose homes or apartments were significantly damaged in 2011.
Homebuyers must have household incomes that don’t exceed set income limits. Household income includes all sources of income for household members 18 years or older. Those income limits by household size are as follows: one, $44,050; two, $50,350; Three, $56,650; four, $62,900; five, $67,950; six, $73,000; seven, $78,000; and eight, $83,050.
Homebuyers must secure a 30-year fixed-rate first mortgage from a North Dakota Housing Finance Agency participating lender. Borrowers must complete and secure a certificate of completion from a NDHFA-approved Homebuyer Education Course.
The purchase price of the home may not exceed $253,809. This maximum price is reviewed yearly by NDHFA and can change. The home must be located within the city of Minot and outside the Federal Emergency Management Agency’s new 100-year flood plain.
Prior to a sale’s closing, the property must be inspected to determine compliance with Housing and Urban Development housing quality standards and an environmental review must be completed. Any lead-based paint must be mitigated in accordance with HUD requirements.
The NDHFA or any of its participating lenders will be able to calculate the amount of incentive available, which is based on the price of the home; percentage of the net sales proceeds from a current residence or the net resilience program by-out and/or relocation benefit received; and the mortgage amount qualified for.
To learn more or apply for the incentive, contact the City of Minot Disaster Recovery office managed by CDM Smith at 837-5813 to complete a homebuyer profile and receive an information packet. The office, located in Arrowhead Shopping Center at 16th Street and Second Avenue Southwest, is open Monday through Friday from 9 a.m. to 4 p.m.
The second step will be to contact a participating lender to begin the mortgage application and qualification process. Homebuyers may work with a real estate professional to find a program-eligible property.