One of the toughest parts about buying a home is coming up with a down payment. Fortunately, if you are a future homeowner in North Dakota, there are North Dakota down payment assistance programs that make it much easier.
Most down payment assistance programs in the state of North Dakota are for first-time home owners. North Dakota defines a first-time owner as someone who has not owned a property in the last three years. However, even if you have owned a property within the last three years, you may still qualify for down payment assistance.
North Dakota has different programs for down payment assistance broken down according to state, city, county and also a charity program. Some charitable organizations only have to comply with HUD and not FHA in order to give cash gifts to eligible home buyers.
These are just some of the North Dakota down payment assistance programs available.
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Down Payment and Closing Cost Assistance Program This North Dakota down payment program helps North Dakota borrowers by providing zero interest, deferred payment loans to help with the North Dakota down payment and closing costs. DCA cannot be used with other North Dakota down payment assistance programs, but can be paired with a purchase program. Income and purchase price limits apply, and North Dakota borrowers must put at least $500 towards the transaction.
Roots Program Specific to moderate income North Dakotans, the Roots program offers North Dakota borrowers two options: Either an exceptionally low interest rate loan, or a market rate loan that is coupled with North Dakota down payment and closing cost assistance. This is not a first time home buyer program. North Dakota borrowers are required to put in at least $500 of their own cash.
Start Program This North Dakota down payment program aids North Dakota borrowers with North Dakota down payment and closing costs. The assistance comes in the form of a credit equal to 3 percent of the first mortgage. The credit standards, income, and purchase price limits are all the same for the FirstHome and the Start Programs. Start cannot be used in conjunction with other North Dakota down payment assistance programs.
Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:
No Down Payment Mortgages – mortgages that require no down payment
USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
More places to find assistance on down payment:
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
North Dakota Housing Agencies
North Dakota housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.