Industrial Commission approves updated FirstHome limits
BISMARCK – The North Dakota Industrial Commission has approved updated eligibility limits for government programs that help North Dakota residents, typically first-time buyers, purchase a home. Administered by North Dakota Housing Finance Agency, the programs provide income-qualified households with low-cost financing and down payment and closing cost assistance.
Through NDHFA’s FirstHome program, low- to moderate-income buyers who have not owned a home over the last three years can receive purchase assistance. The agency’s HomeAccess program provides single parents, veterans, and families with disabled or elderly household members who may have previously owned a home with the same assistance.
The commission set the programs’ acquisition cost limits at $311,979 for a single-family home and set the maximum income limits at $90,100 to $117,530. The Commission approved higher acquisition cost limits for existing two- to four-unit properties. The income limits vary depending on household size and the county in which a financed home is purchased.
Private-sector lenders originate loans on NDHFA’s behalf and sell them to the agency when they are closed. Parties interested in learning more about the assistance available will find information online at www.ndhfa.org or by contacting one of the agency’s participating lenders.