WILLISTON, N.D. – The USDA home loan limit for North Dakota will increase from $179,000 to $240,000, the USDA Rural Development office announced Wednesday.
Jasper Schneider, state director for USDA Rural Development, said the increase in loan limit reflects the realities of North Dakota’s booming economy and the high valuations of homes.
“It’s a different game here than it is elsewhere,” said Schneider, who announced the increase in limit during an event at the Williston Chamber of Commerce.
The new rate, which will be effective May 1, will allow the federal agency to continue being part of the solution for solving housing shortages in North Dakota, Schneider said.
“The market has just continued to take off, not just in Williston and Williams County, but all over North Dakota,” he said.
The last time the loan limit changed was in 2010. In fiscal year 2012, the USDA housing program provided more than $61 million in financing for more than 500 North Dakota homes.
For more information on USDA’s housing programs, call (701) 530-2037 or visit www.rurdev.usda.gov/nd.