Compliance Income Calculations Updated

The North Dakota Housing Finance Agency (NDHFA) has revised the income calculations for its homeownership program compliance.

“These changes will allow many of the households that are just over our income limits to qualify for affordable home financing,” said Dave Flohr, homeownership division director.

Deductions from borrower income are now permitted including allowances for dependents, elderly and disabled household members, child care, disability assistance, medical expenses and unreimbursed business expenses. The agency will no longer require a profit and loss statement for self-employed and business income.

Participating lenders and FirstHome Certified Real Estate Agents should refer to Update No. 14-07 for more details. Questions regarding income calculations can be directed to NDHFA’s loan origination staff.

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