BISMARCK, N.D. (AP) - A state agency that offers low-interest loans to qualifying homebuyers in North Dakota has increased its purchase limit to more than $265,000.
The state Industrial Commission has approved the increase to the North Dakota Housing Finance Agency, based on guidelines from the Internal Revenue Service. It had been set at $250,000.
The program offers below-market interest rate mortgage loans to first-time homebuyers and to households headed by a single parent or ones that include a resident who is disabled, elderly or military veteran.
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Jolene Kline, the agency’s executive director, says the program has helped more than 38,000 households with purchases. The agency has provided nearly $2.8 billion in mortgage loans since 1982.
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