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North Dakota Mortgage Rates

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Last updated: Jun 20, 2024
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

North Dakota Mortgage Overview

North Dakota is sparsely populated which is great for people who want space in beautiful land. The cost of living is low in North Dakota with the average home price around $194,000. With less than 1 million people living there and 62 percent of homes owner-occupied, there are plenty of options to buy a home in North Dakota.

If you're thinking of becoming a North Dakota homeowner, here are your options:

North Dakota conventional loans

You need 'good credit' for a conventional loan, but that means 660 or higher. With a 36 percent debt ratio, you can be on your way to owning a home with low interest rates. First-time buyers need 3 percent down. If you've owned a home before, you need 5 percent. All loans with an LTV higher than 80 percent require PMI, but only until you pay the balance down to less than 80 percent of the value.

North Dakota FHA loans

Borrowers with less than perfect credit need just a 580 credit score and a 3.5 percent down payment for an FHA loan. If you have a 500 - 579 score, you can get a loan with 10 percent down. FHA loans allow higher debt ratios up to 50 percent, but you'll pay mortgage insurance for the life of the loan. The rates are affordable, and it's a great way to own a home if you don't qualify for conventional financing.

North Dakota VA loans

Veterans don't need a down payment for a VA loan from a North Dakota VA lender. With a 620 credit score and proof you can afford the new mortgage plus your existing debts and the cost of living, you're on your way to homeownership. VA loans don't have mortgage insurance, but veterans pay an upfront funding fee.

North Dakota USDA loans

North Dakota has plenty of rural areas to live. If you make less than 115 percent of the median income for your area, the USDA loan may be what you need. Borrowers need a 640+ credit score and a max 41 percent debt ratio. There's no down payment needed, but you'll pay mortgage insurance for the loan's term.

First-Time Homebuyer Programs in North Dakota

FirstHome program

The FirstHome program is for borrowers who meet certain income guidelines. It's a first mortgage program with low interest rates, making it easier to buy your first home. You may combine the program with a down payment assistance program if needed.


The Down Payment and Closing Cost Assistance Program provides money to get you into a home when you don't have the down payment. You must qualify for a loan program including the FirstHome program to qualify.


The START program is for low-to-moderate income families who can afford a loan payment with down payment and closing cost assistance. The program has low interest rates and fixed terms. You may not combine it with any other down payment assistance program.

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