North Dakota FHA Loans

Are you planning to relocate to North Dakota? If so, right now is a great time to apply for a loan through the FHA. The Federal Housing Administration (FHA) has been making the dream of homeownership a reality for millions of Americans since 1934. Today, the benefits are greater than ever, making the entire loan process as simple and affordable as possible.

Why apply for an FHA loan?

FHA loans were designed to make the loan process simpler and more affordable than conventional loans. One of the ways this is done is by offering a low down payment feature to those who qualify. It is possible to purchase a new house in North Dakota by only providing a 3.5% down payment on the property when done through the FHA. This makes the upfront costs of obtaining a loan much less of a financial burden, especially when you compare it to the hefty 20% down payment that is usually required for a conventional loan.

What are the other benefits?

Besides the low down payment feature of FHA loans, the overall cost of the loan is much cheaper than conventional loans. This is because you will be able to take advantage of competitive interest rates and won’t be required to pay for private monthly mortgage insurance. The other benefits include easy approval standards, streamline refinancing, help keeping your home and flexible repayment plans.

Where do I apply?

When applying for an FHA loan you have the option of using a bank, mortgage company or savings and loans association. The only requirement is that they participate in the FHA home loan program. When you apply, you’ll be required to provide financial documents such as credit scores, bank balances and employment history. You will also need to have the house appraised by an FHA-approved inspector. While you will be approved based on your financial history and current financial situation, the standards are much more lenient than for a conventional loan. Even if you have a blemish on your credit score, it is still possible to qualify for an FHA loan.

Get Pre-approved Today!

We would love to help you get started on the road to homeownership today. Fill out our secure online form and we’ll get you pre-qualified fore free within minutes!

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