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Housing Boom Leaves Home Buyers Facing Hurdles - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Housing Boom Leaves Home Buyers Facing Hurdles

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The Home Builders Association is seeing a great year in the rise of construction. Houses springing up in towns like Dilworth and the Fargo - Moorhead area. Despite the housing boom, people are still struggling to finance a home. Someone reached out to us on Facebook -

"We started the application process in August for a modular home for our Forman, North Dakota lot and have run into one problem after another in getting the home financed."

We spoke to Joshua Huffman at The Village to lean in on their experience and the challenges home buyers are running into.

"FHA standards have changed and most first time home buyers end up getting an FHA loan. Those standards have tightened and now monthly payments are getting a bit higher."

Huffman says that's not the only thing buyers have to face.

"And really the other big thing in this market are the prices. They keep going up and we don't see a whole lot of increase in incomes from individuals so we see a lot of individuals priced out of the market."

Due to rising standards, even if you have a very good credit score the amount you pay on interest can still be high. If you're sold on the idea of buying a new home Huffman advises to get pre-approved before speaking to a realtor.

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