If you’re living in North Dakota, you’re no stranger to the bitter cold, which is all the more reason you need a warm, safe place to call home. For many homebuyers in North Dakota the tricky part isn’t choosing which house to buy, but deciding on how they’re going to finance it.
Savvy buyers look to FHA loans in North Dakota because they generally require lower down payments than conventional loans, which means more money in their pocket. Keep reading to find out why a North Dakota FHA loan may be right for you.
Although North Dakota's population density is one of the smallest in the country, more than $20 million was lent to North Dakota residents in FHA loans as of April 2019. An FHA loan has been a reliable home financing option among residents, and could be the best option for you.
Since there are maximum FHA loan amounts for North Dakota FHA loans, you'll need to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and is currently $472,030 for most counties. See the table below to check your county's FHA loan limit.
|County||FHA Loan Limit|
|All other areas||$472,030|
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.