“Allowing the Start and DCA programs to be used when purchasing two-unit properties gives first-time homebuyers more ownership options,” said Dave Flohr, the agency’s homeownership division director.
NDHFA’s Start and DCA programs provide first-time buyers with assistance with out-of-pocket cash requirements. Start assistance, equal to three percent of the first mortgage, is provided in the form of a credit to the borrower at loan closing. DCA is a zero-interest, deferred payment loan available to lower income borrowers.
Borrowers using the Start program will now be able to purchase a two-unit property up to $339,456. The limit on one-unit properties purchased with Start assistance is $265,158. The DCA acquisition limits are $249,000 and $195,000 respectively. The change was effective June 30.
Questions should be directed to NDHFA’s loan origination staff, (800) 292-8621 or email@example.com.