North Dakota FHA Loans

There are a lot of considerations to think about when you are applying to purchase, refinance, or obtain a home equity loan for a North Dakota house or property. You have to think about the current value of property, how much down payment you need to account for, how much home equity has accumulated from the many years of owning your home, current mortgage rates, and the expenses and costs of borrowing the money itself. The reality is, we have a wide variety of mortgage loan programs and rates to choose from that may help you make sense out of all the information you have to contend with.

Generally, a North Dakota mortgage loan is completed in about 30 days to 45 days. When you need to refinance a loan, the amount of time is usually between three weeks to 30 days; it all depends on the expertise of the mortgage originator handling your loan. The real key in speeding up a mortgage loan purchase or refinancing loan is to ensure that all the paperwork is done promptly and accurately. Again, much of this is dependent upon the expertise of the people managing the transaction for you.

Buying Your Home Using a North Dakota FHA Loan
The Federal Housing Administration loan programs were created to assist in increasing the level of home ownership in the United States. In North Dakota, the FHA programs work to make the purchase of your own home much easier and much less expensive than the other existing conventional mortgage loan programs.

Noteworthy aspects of the North Dakota FHA loan program:

• Minimum requirement when it comes to down payment and closing costs:
  • Down payment is 3.5% of the contracted purchase price.
  • Gifts for down payments, as well as for closing costs, are permitted.
  • No reserves are required.
  • The seller may contribute up to 6% of the sales price to the buyer for closing costs.
  • Closing costs are regulated by FHA.
• North Dakota FHA loans have more convenient credit-qualifying rules such as:
  • No required minimum FICO or credit score.
  • FHA allows the purchase of a primary residence two years after filing of bankruptcy.
  • FHA allows the purchase of a primary residence three years after any foreclosure, provided the foreclosure was not an FHA loan.
• North Dakota FHA loans have easier debt-ratio and employment requirement rules such as:
  • Higher debt ratios than conventional home loans.
  • Employment of two years or less is permitted.
  • Self-employed applicants also qualify.

Aside from having to deal with a handful of additional loan forms, the North Dakota FHA loan application procedure is almost the same as the process for a conventional loan. And with the availability of new automation procedures, an FHA loan is now originated much faster than ever before.

Why not give our offices a call or complete one of our inquiry forms to learn just how the FHA loan program can help you get the financing you want and need?