1. FirstHome and HomeAccess Income Limits
The North Dakota Industrial Commission has approved new Maximum Annual Income Limits for NDHFA's FirstHome Standard and Start, and HomeAccess Standard and Start programs. The new limits are effective for loan reservations dated on or after June 1, 2022. Refer to Program Directive 119, which replaces and supersedes all other directives regarding the income limits for the referenced programs, for more information.
NOTE: An updated Recapture Tax Disclosure Notice, identifiable by ‘Rev. 06/22’ in the document header, will be required for all loans with a reservation date on or after June 1, 2022. It can be used for any loans closed on or after June 1, 2022. The updated notice will be available on the Lender Dashboard, Selling Guide and Mortgage Loan Forms website (log-in required) on June 1st.
2. DCA Income Limits
The Downpayment and Closing Cost Assistance (DCA) program income limits will also change effective June 1, 2022. (DCA can be used with FirstHome or HomeAccess to assist low-income borrowers.) See Exhibit 2 for more information. The updated Recapture Notice, see above, is also required for these loans.
3. FirstHome and HomeAcess Acquisition Cost Limits
The Commission also approved new Acquisition Cost Limits for all FirstHome and HomeAccess program loans reserved/locked on or after June 1, 2022. Refer to Program Directive 118, which replaces and supersedes all other directives regarding the acquisition limits for the referenced programs, for more information.
The acquisition numbers are a percentage of FHA's limits. The entire state will see an increase from $311,979 to $349,525. Two- to four-unit properties have higher limits.
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