N.D. Increases Income Limits for Loan Program

BISMARK, N.D.—The Industrial Commission of North Dakota has approved an increase in the income limits for the North Dakota Housing Finance Agency’s (NDHFA) FirstHome program.

“Our growing economy has made the higher income limits possible, which will enable the housing finance agency to make more people eligible for their popular first-time home buyer program,” said Gov. John Hoeven in a statement.

The commission voted to set the maximum income limit range for FirstHome loans at $61,500 to $78,430, depending on household size and the county where a financed home is located. The income limits for a downpayment assistance program called Start and HomeAccess, a lending program for disabled, elderly, veteran, and single-parent households, increased as well. The income limits for the agency’s HomeKey program, which serves lower-income households, were set at 50 percent of the other programs.

In 2009, 1,620 North Dakota households used the FirstHome program; almost 63 percent of those loans included some type of purchase assistance. The average NDHFA loan was valued at $110,000. The average borrower’s household income was $46,824.