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Guide to North Dakota Mortgages
Maybe you are buying your first home in North Dakota, or perhaps you're relocating to North Dakota from another state. Then again, you may be a long-time North Dakota resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on North Dakota home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in North Dakota:
The median price of a home in North Dakota is $211,500. Recently, homes in North Dakota have been appreciating at rates well above the national average. As a result, income levels in many parts of North Dakota are too low to purchase a median-priced home with a conventional loan. Although average interest rates in North Dakota are below the national average, North Dakota has one of the lowest levels of home affordability in the nation.
In North Dakota, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
North Dakota's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. North Dakota law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, North Dakota law enacted a set of anti-predatory lending laws in order to help protect North Dakota homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of North Dakota, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for North Dakota FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for North Dakota's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of North Dakota also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, North Dakota's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the North Dakota Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
North Dakota Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
North Dakota |
United States |
| Total housing units |
304,458 |
n/a |
| Owner-occupied housing units |
67.5% |
66.9% |
| Renter-occupied housing units |
32.5% |
33.1% |
| Vacant housing units |
11.2% |
10.8% |
| Average Home Value |
$88,600 |
$167,500 |
| Average Mortgage Payment |
$972.00 |
$1,295.00 |
| Average Rental Payment |
$328 .00 |
$388.00 |
| Total Population |
609,645 |
n/a |
| Percentage Male |
49.8% |
49.0% |
| Percentage Female |
50.2% |
51.0% |
| Median Age |
39.1 |
36.4 |
| Under 5 years |
6.0% |
7.0% |
| 18 years and over |
77.8% |
74.6% |
| 65 years and over |
14.2% |
12.1% |
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1 Year Market Value Change for North Dakota |
| 1yr | 5yr | 10yr |
 |
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Popular North Dakota Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bismarck |
55,532 |
$39,422 |
| Devils Lake |
7,222 |
$31,250 |
| Dickinson |
16,010 |
$31,542 |
| Fargo |
90,599 |
$35,510 |
| Grand Forks |
49,321 |
$34,194 |
| Jamestown |
15,527 |
$31,500 |
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| Valley Mortgage, Inc. |
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If you are looking to purchase your new home, lower your current rate, combine your 1st and 2nd loans, remodel your existing home, refinance or consolidate your bills you have come to the right place. At Valley Mortgage we offer numerous mortgage and loan programs and we can find the loan that fits your mortgage and/or financial needs. We are the largest independently owned mortgage banker/broker in North Dakota and you will find our experience shows it. Valley Mortgage works with some of the largest and most reputable underwriters in the business. You will be working with the most knowledgeable and experienced loan officers who will work to find the best loan for you. We have three convenient locations in North Dakota and Minnesota: Fargo, Grand Forks and Perham. When you are searching for your dream home, whether it is in Fargo or another location take comfort, know that Valley Mortgage will help you through every step of the way. You can choose to visit us in one of our warm and inviting offices strategically placed throughout North Dakota and Minnesota or we can come to you in the comfort of your own home. Valley Mortgage, Inc.
3310 Fiechtner Drive, Suite 110
Fargo, North Dakota 58103
701.461.8450 - Phone
800.373.5654 - Toll Free
701.293.4047 - Fax Valley Mortgage, Inc., is a real estate broker licensed by the ND Dept of Real Estate License
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| National Mortgage |
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National Mortgage is the online mortgage network for people looking for a fast, convenient way to obtain the best and most affordable mortgage rates and terms for their needs. Pair this with our unmatched customer service and you can understand why we have quickly gained the reputation in the mortgage industry as a highly competitive national mortgage providers' network. In order to get you the most competitive rates our Lenders compete for your business online. Our Lenders are the best in the business with names you will easily recognize and can count on for the best rates, terms and service. At National Mortgage our Lenders offer the consumer a variety of products, which include first mortgages, fixed and variable equity lines of credit, and no equity seconds. If you are planning to buy a home and need a mortgage, there are many important points to be aware of before starting your home purchase. You should approach a lender knowing the amount you are able to spend on a home, so that you know how much you should borrow. In order to make an evaluation, your mortgage advisor must be supplied with information on your personal income and your spouse’s income, if applicable. Many lenders will be willing to offer you between 90-95% of the property value. We are committed to helping people realize their dream of home ownership and this is reflected in our business model in the wide variety of programs our Lenders offer. 2000 Schafer Street, Suite G
Bismarck, ND 58501
701.328.9933 - Phone
701.328.9955 - Fax National Mortgage is a real estate broker licensed by the ND Dept of Real Estate
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| Executive Mortgage Corporation |
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Trying to find the right home loan can be a daunting and difficult task. Finding the right company to assist you in obtaining your loan can be even more frustrating. With the option of having thousands of lenders to select, borrowers can easily become overwhelmed. Fortunately, at Executive Mortgage Corp., our mission is to set a high standard in the mortgage industry. We are committed to quality customer service by putting the people we serve first. Take advantage of our expertise in the residential lending industry by applying online today. We understand that purchasing a home or deciding to refinance an existing mortgage is a huge financial commitment. We also know that the loan process can be quite difficult and stressful. Our professionals will guide you every step of the way through to assure that the loan process is easy, efficient and stress-free. You will find that the skill, professionalism, and consideration we give to each of our clients make getting your loan a successful endeavor. The following is just a partial list of the many loan options and programs, Executive Mortgage Corp offers its clients, both current and future: Conventional Mortgages, No Income Verification, No Down Payment, Credit Problems, 80/15/5, Jumbo Loans, Challenged Credit Loans, High Debt Ratio Loans, Second Mortgage Loans, Construction Loans, Investor Loans, Flex 97% and more! Executive Mortgage Corp
1131 Westrac Drive, Suite 100
Fargo, North Dakota 58103
Phone: 701-239-0155
Fax: 701-239-0324
Toll-free: 800-340-0155 Executive Mortgage Corp., is a real estate broker licensed by the ND Dept of Real Estate License
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