Finance
North Dakota's Homeownership Education Program (HEP) or similar pre-purchase counseling is often required for buyers using:
AAny conventional loan regardless of down payment
BNDHFA and certain other affordable housing programs to help first-time buyers succeed✓ Correct
CInvestment property purchases
DCommercial property acquisitions
Explanation
Many affordable housing programs offered through the NDHFA and federal agencies (FHA, USDA, VA) strongly recommend or require pre-purchase homeownership education counseling to help first-time buyers understand the responsibilities and costs of homeownership.
Related North Dakota Finance Questions
- Which North Dakota real estate loan program specifically addresses affordable homeownership for Native American households on tribal trust land?
- A North Dakota escrow company holds $4,500 in escrow for property taxes. After the tax bill comes in at $4,200, the difference of $300 is:
- A fixed-rate mortgage in North Dakota has which key characteristic?
- The USDA Rural Development loan program is designed to help:
- What is amortization in the context of a mortgage loan?
- A North Dakota borrower has a debt-to-income ratio that is too high to qualify for a conventional mortgage. Which of the following would most likely improve their DTI?
- Under North Dakota law, a foreclosure deed (such as a trustee's deed after a non-judicial foreclosure) provides what level of warranty to the buyer?
- What is the primary benefit of an FHA loan for a North Dakota homebuyer?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →