@Anonymous wrote:
Hello,
I live in Fargo, ND (Job in Fargo, ND) and I have been looking at potentially buying a home early 2016. I would qualify under the FHA loan program but not sure if I would have 3.5% by then. Wondering if any of you have experience in utilizing downpayment assistance programs? Looks like both ND and MN have them and since I could live in either Fargo, ND or Moorhead MN, I was thinking about trying to obtain the assistance. Looks like I qualify under both programs salary minimum reqs ($51k a year). Fargo has 3% of house or 3k whichevery is greater and I think MN has up to $7.5k assistance can use for closing and or daypayment. How hard are they to obtain? Thanks!
Usually there is a maximum allowed income to qualify for down payment assistance - and that maximum is based on household occupants. Check each of the programs. Also many of the programs have a geographic restriction. In other words, you can only use the funds to purchase a property in a designated area. Again, check the program requirements. Check the city, county and state as each program is different.
https://www.ndhfa.org/Homeownership/Programs.html
Here is the HH income maximums for Moorhead http://mnhousing.gov/wcs/Satellite?c=Page&cid=1358904965634&pagename=External%2FPage%2FEXTStandardLayout
