Minot Resilient Homebuyer Program

Minot Resilient Homebuyer Program is a forgivable loan for homebuyers in Minot, North Dakota, administered by City of Minot Disaster Recovery (CDM Smith) / NDHFA. Gap financing for low- and moderate-income homebuyers, primarily those impacted by the 2011 Minot flood or whose home is being acquired for flood control/mitigation, to purchase an existing or newly constructed home in qualified 'resilient' neighborhoods of Minot. Provided as a forgivable second mortgage up to $60,000, funded by HUD CDBG National Disaster Resilience. Up to $60,000 gap financing as a forgivable second mortgage; forgiven on the 15-year anniversary of occupancy. Funding comes from HUD Community Development Block Grant - National Disaster Resilience (CDBG-NDR).

Minot Resilient Homebuyer Program offers up to $60,000 in assistance. Amounts are the program's published maximums, not an offer — City of Minot Disaster Recovery (CDM Smith) / NDHFA determines any individual award.

Minot Resilient Homebuyer Program is forgiven after 15 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven on the 15th anniversary of occupancy; assistance based on price of home, % of net sale/buyout proceeds from current residence, and qualified mortgage amount. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Minot Resilient Homebuyer Program is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through eHome America. Disaster/flood-impact based eligibility. Income limits cited are 2020 base, adjusted annually - verify current figures with NDHFA.

Minot Resilient Homebuyer Program limits household income to $107,200. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Minot Resilient Homebuyer Program caps the purchase price at $294,600. Eligible property types include single family and new construction. New construction is eligible.

Minot Resilient Homebuyer Program serves homebuyers purchasing in Minot, North Dakota. The program gives priority to designated target areas, so the address matters as well as the county.

Applications for Minot Resilient Homebuyer Program go through City of Minot Disaster Recovery (CDM Smith) / NDHFA, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.