Housing Agency Increases Loan Purchase Price Limit

BISMARCK – The Industrial Commission has increased the purchase price limit of North Dakota Housing Finance Agency (NDHFA) homeownership programs from $250,000 to $265,158 in accordance with Internal Revenue Service guidelines.

“The affordable mortgage financing offered by North Dakota Housing Finance Agency provides the extra boost many young families need to be able to get into their first home,” said members of the commission in a joint statement. The Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency.

NDHFA offers first-time buyers below-market interest rate mortgage loans through its FirstHome™ program. Households headed by a single parent or that include a disabled or elderly member or a veteran honorably discharged from active duty may qualify for similar cost savings through the agency’s HomeAccess program. NDHFA also provides down payment and closing cost assistance and supports homebuyer education.

“NDHFA’s loans are offered through a network of lending and real estate partners,” said Jolene Kline, NDHFA executive director. “Together, we have helped more than 38,000 households statewide responsibly and affordably achieve homeownership.”

NDHFA purchased 892 loans, averaging $136,800, in 2013. Sixty-four percent of these borrowers received some form of down payment and/or closing cost assistance.  The agency has provided more than $2.79 billion in mortgage loans since 1982.

For more information on NDHFA homeownership programs, visit the agency’s website at www.ndhfa.org.

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