The demand for North Dakota’s first time home mortgage program continues to be strong.
The "FirstHome" program offers lower interest rates on home borrowing.
"As rates continue to increase — they're a little over seven percent now — ours tend to be a half to three-quarters of a percent below market, and sometimes one percent below market," said Authority Director Brandon Detlaff. "We say that housing finance agencies nationwide — this is the reason we exist."
Detlaff said in the higher rate environments, they can keep rates a little lower.
"Obviously, affordability is a huge problem with sales prices," Detlaff said. "Any little help you can get with interest rate reduction, helps that payment amount."
The Housing Authority recently sold $200 million in tax-free bonds and $65 million in taxable bonds for that program.
