FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in North Dakota

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Mortgages backed by the Federal Housing Administration (FHA) offer a path to homeownership for borrowers with limited or less-than ideal credit or those with limited down payment funds.

In North Dakota, qualified applicants can borrow up to $420,680 for a single-family home through the FHA loan program in 2022.

North Dakota FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$420,680$538,650$651,050$809,150$78,000
BARNES$420,680$538,650$651,050$809,150$120,000
BENSON$420,680$538,650$651,050$809,150$70,000
BILLINGS$420,680$538,650$651,050$809,150$350,000
BOTTINEAU$420,680$538,650$651,050$809,150$148,000
BOWMAN$420,680$538,650$651,050$809,150$118,000
BURKE$420,680$538,650$651,050$809,150$70,000
BURLEIGH$420,680$538,650$651,050$809,150$285,000
CASS$420,680$538,650$651,050$809,150$257,000
CAVALIER$420,680$538,650$651,050$809,150$79,000
DICKEY$420,680$538,650$651,050$809,150$90,000
DIVIDE$420,680$538,650$651,050$809,150$66,000
DUNN$420,680$538,650$651,050$809,150$101,000
EDDY$420,680$538,650$651,050$809,150$75,000
EMMONS$420,680$538,650$651,050$809,150$63,000
FOSTER$420,680$538,650$651,050$809,150$135,000
GOLDEN VALLEY$420,680$538,650$651,050$809,150$75,000
GRAND FORKS$420,680$538,650$651,050$809,150$235,000
GRANT$420,680$538,650$651,050$809,150$38,000
GRIGGS$420,680$538,650$651,050$809,150$89,000
HETTINGER$420,680$538,650$651,050$809,150$85,000
KIDDER$420,680$538,650$651,050$809,150$123,000
LAMOURE$420,680$538,650$651,050$809,150$47,000
LOGAN$420,680$538,650$651,050$809,150$45,000
MCHENRY$420,680$538,650$651,050$809,150$225,000
MCINTOSH$420,680$538,650$651,050$809,150$156,000
MCKENZIE$420,680$538,650$651,050$809,150$266,000
MCLEAN$420,680$538,650$651,050$809,150$142,000
MERCER$420,680$538,650$651,050$809,150$142,000
MORTON$420,680$538,650$651,050$809,150$285,000
MOUNTRAIL$420,680$538,650$651,050$809,150$133,000
NELSON$420,680$538,650$651,050$809,150$77,000
OLIVER$420,680$538,650$651,050$809,150$285,000
PEMBINA$420,680$538,650$651,050$809,150$82,000
PIERCE$420,680$538,650$651,050$809,150$82,000
RAMSEY$420,680$538,650$651,050$809,150$170,000
RANSOM$420,680$538,650$651,050$809,150$113,000
RENVILLE$420,680$538,650$651,050$809,150$225,000
RICHLAND$420,680$538,650$651,050$809,150$145,000
ROLETTE$420,680$538,650$651,050$809,150$55,000
SARGENT$420,680$538,650$651,050$809,150$126,000
SHERIDAN$420,680$538,650$651,050$809,150$30,000
SIOUX$420,680$538,650$651,050$809,150$92,000
SLOPE$420,680$538,650$651,050$809,150$111,000
STARK$420,680$538,650$651,050$809,150$350,000
STEELE$420,680$538,650$651,050$809,150$55,000
STUTSMAN$420,680$538,650$651,050$809,150$173,000
TOWNER$420,680$538,650$651,050$809,150$75,000
TRAILL$420,680$538,650$651,050$809,150$135,000
WALSH$420,680$538,650$651,050$809,150$85,000
WARD$420,680$538,650$651,050$809,150$225,000
WELLS$420,680$538,650$651,050$809,150$65,000
WILLIAMS$420,680$538,650$651,050$809,150$282,000

How are FHA loan limits determined?

FHA loan limits are based on the conforming loan limits that the Federal Housing Finance Agency (FHFA) sets annually for conventional mortgages in each U.S. county. Conforming loan limits, in turn, are based on the previous year’s median home prices. National median home prices rose 18% in 2021, so conforming loan limits and FHA limits also increased.

The FHA sets loan amounts between “floor” and “ceiling” limits. The lowest limit, called the floor, is set at 65% of the FHFA conforming loan limit and serves as the maximum-available FHA loan amount for the vast majority of counties across the U.S. For 2022, the FHA floor for a single-family home loan is $420,680, which is the maximum amount available through an FHA in all 53 counties of North Dakota.

The 2022 FHA single-family home loan ceiling, $970,800, applies only to the U.S. counties with the highest median home prices. All counties in North Dakota fall below this limit.

How to qualify for an FHA loan in North Dakota

The less stringent lending qualifications offered by FHA loans make them popular choices for first-time homebuyers, though they are available to repeat buyers, too. If you are seeking your first home, North Dakota’s first-time homebuyer programs may offer additional assistance, including help covering your down payment and closing costs.

Here are the FHA loan eligibility requirements you need to meet for a loan in North Dakota:

A minimum 3.5% down payment. If your credit score is 580 or higher, you can get an FHA loan with just 3.5% down.

A minimum credit score of 500. If your score is between 500 and 579, you may still qualify for an FHA loan, but you’ll need to make a 10% down payment.

A debt-to-income (DTI) ratio of 43% or less. Lenders will look at your DTI ratio — the percentage of your monthly pretax income that goes toward debt payments — as a way to gauge your ability to afford regular mortgage payments. Most FHA loans require a DTI ratio no higher than 43%.

FHA home appraisal. Homes purchased with an FHA loan must have an approved FHA home appraisal before closing.

FHA loan limits. The purchase price of the home must fall within the FHA loan limits for the county in which the property is located.

Mortgage insurance. There are two forms of mandatory FHA mortgage insurance. When you close on the loan, an upfront mortgage insurance premium (UFMIP) equal to 1.75% of the loan amount will be rolled into your mortgage. An additional annual mortgage insurance premium (MIP), equal to 0.45% to 1.05% of the loan amount, will be added to your monthly mortgage in 12 equal installments. Unlike private mortgage insurance (PMI) charged on many conventional mortgages, MIP charges remain in place for the lifetime of an FHA loan.

Occupancy requirements. Any home you finance through an FHA loan must serve as your primary residence, and you must live there for at least one year after purchase. Second homes and investment-only properties are not permitted.

Buying a multifamily property with an FHA loan

You can also use an FHA loan to buy a multifamily home with up to four living units under the same requirements that apply to single-family home loans. As long as you use one of the units as your primary residence, you can put as little as 3.5% down. FHA loan limits on multifamily homes are higher than those on single-family properties.

FHA lenders in North Dakota

Here are five highly rated FHA-loan lenders licensed to operate in North Dakota:

Lender name LT rating Minimum FHA credit score
AmeriSave Mortgage8/10600
Better Mortgage9.5/10620
Guild Mortgage9/10540
Rocket Mortgage9.5/10580
Wells Fargo8/10Not disclosed

 

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