© 2024
Prairie Public NewsRoom
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

ND HFA 'FirstHome' program going well

The North Dakota Housing Finance Agency says demand for its "FirstHome" loan program remains high.

The program provides lower-interest home loans through participating lenders, and targets people buying a home for the first time.

"Our interest rate right now for the 'FirstHome' program is about two percentage points below the market," said HFA director David Flohr. "We have rates at 5.4 percent, for a 30-year fixed rate loan, and in the market, the rate is at 7.25 to 7.5 percent."

Flohr said once interest rates started going up last year, the program has become more attractive.

"It's allowing people to purchase their first homes at a pretty good rate," Flohr said.

The loans are subject to income and purchase price limits.

Related Content