Down Payment Assistance Programs for First Time Home Buyers in Burleigh County, North Dakota
If you live in North Dakota and are interested in buying a home in Burleigh County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Burleigh County, North Dakota
- North Dakota Housing Finance Agency – North Dakota Downpayment and Closing Cost Assistance Program: The Downpayment and Closing Cost Assistance (DCA) Program provides zero interest, deferred payment loans to help modest income first-time homebuyers meet their out-of-pocket cash requirements. For more information, Click here.
- North Dakota Housing Finance Agency – North Dakota Roots Program: The North Dakota Roots program (Roots) provides moderate-income North Dakotans with either an affordable interest rate loan or a market interest rate loan that includes down payment and closing cost assistance. For more information, Click here.
Mortgage Programs Available in Burleigh County, North Dakota
- North Dakota Housing Finance Agency – Start Program: The Start Program provides first-time buyers with an affordable mortgage and help with out-of-pocket cash requirements. The assistance is equal to three percent of the first mortgage, and is provided in the form of a credit to the borrower(s) at the time of loan closing. For more information, Click here.
- North Dakota Housing Finance Agency – HomeKey Program: The HomeKey Program increases the purchasing power of modest-income borrowers by providing them with an interest rate reduction of approximately one percent the first year of an NDHFA mortgage loan. The interest rate and monthly payments are stepped up twice during the next two years, holding constant for the remaining term of the mortgage. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Burleigh County Sites
- North Dakota Association of Realtors
- Burleigh County School
- Burleigh County Sheriffs
- HUD Homeownership Assistance for North Dakota