University of Maryland, College Park Tuition and Fees
University of Maryland, College Park Tuition and Fees
(Last Updated – 06/2025)
The University of Maryland is a top public research university, and its graduates have gone on to become Pulitzer Prize winners, Nobel laureates, and Fulbright scholars. Located in College Park, Maryland, not far from Washington, D.C., it’s currently home to more than 30,000 students on a campus of 1,300+ acres.
Total Cost of Attendance
University of Maryland in-state tuition in 2022-23 was $11,809, and out-of-state tuition at the University of Maryland was $41,186. UMD tuition is slightly higher than the national average for tuition at public universities of $11,260 in-state and significantly above the average tuition of $29,150 for out-of-state students.
Costs for 2024-2025
|
Student Type |
In-State |
Out-of-State |
|
Tuition & Fees |
$11,809 |
$41,186 |
|
Books & Supplies |
$1,250 |
$1,250 |
|
Room & Board |
$15,958 |
$15,958 |
|
Other Expenses |
$2,714 |
$2,714 |
|
Total Cost of Attendance |
$31,731 |
$61,108 |
Financial Aid
At UMD, 65% of students receive some form of financial aid. This might be scholarships, grants, student loans, or a combination of these.
Explore financial aid options: Maryland Student Loan & Scholarships.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, or nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private student loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• U.S. Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
To help pay UMD tuition and other costs, 22% of students take out federal student loans, and 4% take out private student loans, averaging $25,222.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
The cost of the University of Maryland for four years for in-state students, including tuition, room and board, books, and other fees, is $126,924, based on 2024-25 numbers.
The total for four years of out-of-state tuition at the University of Maryland is $244,432.
Compare these costs to the national average cost of attendance of $115,360 for in-state college students and $186,920 for out-of-state attendees. While the cost for in-state students is somewhat higher than the national norm, the price tag for out-of-state students is significantly elevated.
Here’s some Student Loan & Scholarship Information for you.
Undergraduate Tuition and Fees
Costs for 2024-25
|
Student Type |
In-State |
Out-State |
|
Tuition & Fees |
$11,809 |
$41,186 |
|
Books |
$1,250 |
$1,250 |
|
Total |
$13,059 |
$42,436 |
By combining tuition and fees and books for in-state students, the University of Maryland cost is $13,059 for the 2024-25 school year. The cost is $42,436 for out-of-state students.
Graduate Tuition and Fees
Costs for 2024-25
|
Student Type |
In-State |
Out-of-State |
|
Tuition |
$16,891 |
$36,822 |
|
Fees |
$1,385 |
$1,385 |
|
Total Cost of Attendance |
$18,276 |
$38,207 |
University of Maryland tuition for in-state graduate students was $18,276, including fees, in 2024-25. For out-of-state students, the costs were $38,207.
There are many options for graduate loans that can help with these costs.
Cost per Credit Hour
The cost per credit hour for part-time students from Maryland is approximately $420. For students from out of state, that cost is approximately $1,625.
Campus Housing Expenses
Costs for 2024-25
|
Student Type |
In-State |
Out-of-State |
|
Room & Board |
$15,958 |
$15,958 |
|
Other Expenses |
$2,714 |
$2,714 |
While freshmen are not required to live on campus, 90% choose to. There are 39 residence halls on campus offering a range of housing options, including traditional rooms, suites, semi-suites, and apartment-style living. For those who choose to live off-campus at UMD, there are many apartments within walking distance of campus. Learn more and find options for living off campus .
University of Maryland Acceptance Rate
Fall 2023
|
Number of Applications |
Number Accepted |
Percentage Accepted |
|
59,377 |
26,720 |
45% |
Admission Requirements
Here’s what’s needed to apply to the University of Maryland.
Required:
• High school transcript
• Letters of recommendation
• Possibly proof of English proficiency
• Essay
Not required, but considered:
• SAT or ACT scores
SAT and ACT Scores
Standardized test scores are currently optional at University of Maryland. In Fall 2023, 42% of applicants submitted SAT scores, and 1% provided ACT scores. Here’s a look at the scores at the 25th and 75th percentile at UMD.
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
670 |
740 |
|
SAT Math |
700 |
780 |
|
ACT Composite |
32 |
35 |
|
ACT English |
32 |
35 |
|
ACT Math |
29 |
35 |
Popular Majors at the University of Maryland, College Park
The University of Maryland offers more than 100 majors. Here are the most popular options.
1. Computer Science
Students can major in general Computer Science or choose a specialty: Cybersecurity, Data Science, Machine Learning, or Quantum Information.
Undergraduate degrees in 2023-24: 859
2. Information Science
Information Science majors study Database Design, Information Architecture, Web/Mobile Development, Data Analytics, and Cybersecurity. They also have the chance to participate in hands-on learning at the college’s world-renowned research centers and labs.
Undergraduate degrees in 2023-24: 573
3. Biological Sciences
There are five tracks for Biological Sciences majors: Cell Biology and Genetics, Ecology and Evolution, General Biology, Microbiology, and Physiology and Neurobiology. Students have the opportunity to participate in research projects guided by well-respected faculty members.
Undergraduate degrees in 2023-24: 489
4. Psychology
Graduating with a degree in Psychology from UMD, you will have a solid foundation in the principles of psychology, an understanding of scientific theory and critical thinking, and solid communication skills.
Undergraduate degrees in 2023-24: 431
5. Finance
After getting a solid foundation in math, economics, and financial theory, students will be prepared for careers in financial analysis and management, investment analysis and portfolio management, investment banking, insurance and risk management, banking, and international finance.
Undergraduate degrees in 2023-24: 369
6. Public Health Science
This major brings together the sciences and health topics. Graduates go on to work in a variety of fields, including research, public health, human services, and health care.
Undergraduate degrees in 2023-24: 355
7. Mechanical Engineering
Students in this program can choose a program track that includes Aero/Mechanical Industry, Automotive Design, Design and Manufacturing, Energy and the Environment, Engineering Management, and Robotics and Mechatronics.
Undergraduate degrees in 2023-24: 327
8. Criminology
Students interested in Criminology will learn about all the aspects of the field. They’ll also have the opportunity to participate in independent studies, internships, and extracurricular programs that sharpen their skills for their future careers.
Undergraduate degrees in 2023-24: 318
9. Economics
Pursuing an Economics degree involves courses like Principles of Microeconomics, Applied Economic Statistics, and Methods and Tools for Economic Analysis.
Undergraduate degrees in 2023-24: 288
10. Communication
Students can major in Communication Studies or in Health and Science Communication, Media and Digital Communication, Political Communication and Public Advocacy, or Public Relations.
Undergraduate degrees in 2023-24: 236
Graduation Rate
These are the graduation rates at the University of Maryland, using data from the class that entered in Fall 2017.
• 4 years: 76%
• 6 years: 88%
Post-Graduation Median Earnings
UMD undergraduates can expect to earn substantially more than the national average for college graduates, which is currently $68,516. They tend to make, on average, $82,860 a year.
Bottom Line
With ample opportunity for hands-on learning in its many degree programs, the University of Maryland offers a quality education. Whether you’re coming from inside the state or elsewhere, there are financial aid options that can help you pay for your education at UMD.
SoFi Private Student Loans
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Decoding Markets: The Fed’s June Statement
New Projections
As anticipated, the Federal Open Market Committee held its benchmark federal funds rate steady in a target range of 4.25%-4.50% for the fourth consecutive meeting. With market pricing beforehand showing a near-zero chance of an interest rate move, investor focus immediately shifted to the quarterly Summary of Economic Projections (SEP). Here, the Federal Reserve painted a decidedly more challenging picture of the road ahead.
The median forecast for 2025 shows real GDP growth cut from 1.7% to 1.4% and unemployment revised higher from 4.4% to 4.5%. Critically, expectations for core PCE, which strips out food and energy prices and is the Fed’s preferred inflation measure, saw an increase from 2.8% to 3.1%.
Fed Summary of Economic Projections
The combination of both higher unemployment and higher inflation are the hallmark of stagflation, which can often strain monetary policy. Higher inflation would suggest higher interest rates to push back on inflation, but higher unemployment would suggest lower interest rates to support the economy. In this instance, the Fed split the difference and kept its year-end 2025 interest rate estimate steady at 3.9%, while lowering its 2026 rate cut expectation from two cuts to one cut — a subtle, but hawkish, signal.
Inflation Boogeyman
The Federal Reserve’s heightened anxiety over inflation is not an isolated view. Across financial markets, investors and analysts broadly agree that price pressures are likely to make a comeback in the second half of the year. This shared view provides credibility to the Fed’s hawkish stance, keeping volatility from getting out of control.
Inflation swaps — derivatives used by institutional investors to price and hedge against changes in the Consumer Price Index — are showing that year-over-year inflation is expected to accelerate to 3.3% in November, versus the latest reading of 2.4%.
The drivers of this fear are twofold. First and foremost is the uncertainty surrounding trade policy. The prospect of broad and sustained tariffs threatens to directly increase the cost of imported goods and disrupt global supply chains. That could fuel a new wave of inflation that may be too large and broad for the Fed to simply look past as a one-time shock. Second, intensifying geopolitical conflict between Israel and Iran has caused a spike in oil prices, a classic inflationary catalyst that can lead to higher costs for consumers at the gas pump and in air fares, electricity, and more.
Oil and Tariffs Threaten the Disinflation Dynamic
This forward-looking anxiety is partly why investors largely shrugged off the cooler-than-expected May CPI report (the fourth downside surprise in a row). The inflationary impact of tariffs, which were only recently implemented, has yet to fully materialize in official statistics. For what it’s worth, Fed Chair Jerome Powell noted that “with uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction” and “we feel like we’re going to learn a great deal more over the summer about tariffs.”
That sounds like a recipe for a status quo monetary policy until more information is available, seemingly ruling out a July rate cut, barring a major surprise.
Market Stalemate
Market price action around the release of the Fed statement was interesting, as for a brief moment, it looked like investors were ready to fight the Fed (a market no-no). Immediately following the 2 PM announcement, yields on 2-year Treasurys dropped 4bps. This knee-jerk move suggested the market was initially focusing on the Fed’s gloomier economic forecasts, betting that weaker growth and higher unemployment would ultimately force the central bank to cut rates more aggressively than it expected to.
That narrative shifted during Powell’s subsequent press conference and hawkish tone. It became clear that the Fed was in no rush to act. He stated that they were already beginning to see some tariff effects, but that officials would wait until the full impact became clearer — a direct counter to investors’ initial dovish reaction.
Treasury yields began steadily rising, with the 2-year yield basically back to where it was before the statement was released and effectively unchanged from the previous day. The situation was similar for stocks. The S&P 500, up about 0.3% before the meeting and as much as 0.5% after the statement release, ended the day a whisker below where it began.
Intraday Price Action
For investors, the key takeaway is the state of indecision gripping the market. The initial drop in bond yields, the ensuing reversal, and the bumpy final hour of trading all reflect the uncertainty around accurately forecasting in what is an unprecedented environment. Will tariffs eventually be wiped away, stay at current levels, or be ratcheted higher? And beyond the effective tariff rate itself, will consumers or businesses bear the burden of paying the added tax on goods?
Rather than navigate this landscape of unanswerable questions, the path of least resistance for investors may be, for now, to simply stand still.
Want more insights from SoFi’s Investment Strategy team? The Important Part: Investing With Liz Thomas, a podcast from SoFi, takes listeners through today’s top-of-mind themes in investing and breaks them down into digestible and actionable pieces.
SoFi can’t guarantee future financial performance, and past performance is no indication of future success. This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
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Read moreNorth Dakota First-Time Home Buying Assistance Programs & Grants for 2025
North Dakota First-Time Home-Buying Assistance Programs & Grants
(Last Updated – 06/2025)
Thinking about moving to North Dakota? The state has a lot going for it. In addition to tons of open space, gorgeous landscapes, and a relaxed way of life, the cost of living is lower than the U.S. average and so is the tax rate.
Home prices in the state rose ever so slightly in the year ending April 2025 and the average home value in North Dakota is now $278,735, according to Zillow. That means there are plenty of opportunities to find your affordable dream home in North Dakota.
This home-buying guide was created with the first-time homebuyer in North Dakota in mind. It includes both state and federal housing programs that can help with a mortgage, down payment, and closing costs.
Who Is Considered a First-Time Homebuyer in North Dakota?
The definition of “first-time homebuyer in North Dakota” may vary, depending on the types of mortgage loans and financial assistance you’re looking at. Some may require you to have never owned a home at all, while others may consider you a first-time homebuyer if you are a single parent who has only owned a home with a partner while married, or a displaced homemaker who has only owned a home with a spouse.
It’s a good idea to be clear on each program’s eligibility requirements. And if you’re cost-conscious, it can’t hurt to start home-shopping in one of North Dakota’s best affordable places to live, such as Grafton or Jamestown.
5 North Dakota Programs for First-Time Homebuyers
There are several state programs that provide financial assistance and low-interest mortgage loans to the first time home buyer in North Dakota. Many of these programs are designed to help low- to moderate income buyers, and they may have income and purchase price limits, a required credit score, or other criteria you’ll need to meet.
The North Dakota Housing Finance Agency offers the following for first-time homebuyers:
1. NDHFA: FirstHome
The North Dakota Housing Finance Agency’s First Home program provides low-interest mortgages to low-income first-time buyers. To qualify, you must be a first-time homebuyer in North Dakota (you can’t have owned a principal residence in the last three years) and you must meet income and purchase price limits. You are also required to make a $500 investment and occupy the home as your primary residence, and you’ll need to take a homebuyer education class.
Bear in mind that if you exceed the income and/or purchase price limits, you may be able to apply for the North Dakota Roots Program, which offers conforming mortgages to both first-time and repeat homebuyers.
2. NDHFA: DCA Program
NDHFA also offers low-income buyers assistance with affordable mortgages that include help with down payments and closing costs. The down payment and closing cost assistance equals 3% of the first mortgage loan amount and comes as a credit toward your out-of-pocket cash requirement.
To qualify, you must meet the income limits for your family size and county. This option only applies for one- or two-unit properties, and one unit must be occupied by you. You’ll need to complete a homebuyer education course.
3. NDHFA: HomeAccess
While it’s not exclusively for the first-time homebuyer in North Dakota, the HomeAccess program offered by NDHFA may be worth looking at, especially if you are a single parent, a veteran, disabled, or over age 65. To qualify for affordable financing for a home, you must meet income and purchase price limits.
4. NDHFA: Start
Another option for low- to moderate-income buyers is the Start program. This program, which is not just for first-time buyers, offers affordable financing that includes down payment and closing cost assistance, up to 3% of the first mortgage. To qualify, you must be purchasing a one- or two-unit property and living in one unit.
5. NDHFA: Targeted Area Loans
Low-interest loans are also available to both first-time and repeat homebuyers moving to targeted census tracts. There are property value and income limits, but they tend to be a little more generous than the limits on some other loans. Instructions for finding out if your home is in a targeted area are on the NDHFA site.
Recommended: First-Time Homebuyer Guide
How to Apply to North Dakota Programs for First-Time Homebuyers
Carefully review the requirements for all first-time homebuyer programs in North Dakota, particularly income and purchase price limits, to see if you meet the criteria. You’ll generally need to contact a lender to participate in any given program.
Federal Programs for First-Time Homebuyers
Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.
The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.
Federal Housing Administration (FHA) Loans
The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the FHA loan program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO® credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.
In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA loans allow a DTI ratio of up to 57% in some cases, vs. a typical 45% maximum for a conventional loan.
Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.
FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be around $137. You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.
Freddie Mac Home Possible Mortgages
Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.
The Home Possible mortgage is for buyers who have a credit score of at least 660.
Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.
Fannie Mae HomeReady Mortgages
Fannie Mae HomeReady® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.
For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .
Fannie Mae Standard 97 LTV Loan
The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.
Unlike an FHA loan, the 97 LTV loan has no upfront mortgage insurance fee and does have cancellable mortgage insurance. The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments.
Department of Veterans Affairs (VA) Loans
Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs. VA loans, which can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.
VA loans do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.
Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.
Native American Veteran Direct Loans (NADLs)
Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee. You can learn more by emailing [email protected].
US Department of Agriculture (USDA) Loans
No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.
The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .
HUD Good Neighbor Next Door Program
This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years. For more information, visit the HUD program page.
First-Time Homebuyer Stats for 2025
• Median home list price in North Dakota: $355,000
• 3% down payment: $10,650
• 20% down payment: $71,000
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median age of first-time homebuyers: 38
• Average credit score (vs. average U.S. score of 715): 733
Recommended: Mortgage Prequalification vs. Preapproval
Financing Tips for First-Time Homebuyers
As you learn about mortgage basics and how to choose mortgage term loans, you may want to also learn how to lower your mortgage payment. Here are some tips that can help.
• Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past two years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.
• Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.
• 401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, in a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have longer to repay.
• State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.
• The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.
• Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home-buying education courses.
• Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.
And finally, here’s a mortgage calculator you can use to figure out what your monthly payments for a home would be.
The Takeaway
Qualified first-time homebuyers in North Dakota may be able to take advantage of one or more state programs that provide low-interest mortgages and down payment assistance. There are also federal programs and conventional mortgage options to help you afford a home of your own.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I take first-time homebuyer classes?
Yes! These classes are helpful for homebuyers generally, and they are required for some government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications. That’s why it’s important to take all possible steps to improve your credit standing before you go house hunting.
Is there a first-time homebuyer tax credit in North Dakota?
Yes, a Primary Residence Credit of up to $500 was established during the 2023 Legislative Session. The credit provides all North Dakota homeowners with the option to apply for a state property tax credit through the North Dakota Office of State Tax Commissioner.
Is there a first-time veteran homebuyer assistance program in North Dakota?
Yes. The U.S. Department of Veterans Affairs offers home loans to servicemembers, veterans, and eligible surviving spouses.
What credit score do I need for first-time homebuyer assistance in North Dakota?
Credit score requirements vary, depending on the homebuyer assistance program. FHA loans offer lower interest rates for borrowers with credit scores of at least 580, while the Home Possible mortgage requires a credit score of at least 660.
What is the average age of first-time homebuyers in North Dakota?
In the U.S., the median age of first-time homebuyers is 38.
Photo credit: iStock/Jacob Boomsma
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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Washington, D.C. First-Time Home Buying Assistance Programs & Grants for 2025
Washington, D.C. First-Time Home-Buying Assistance Programs & Grants
(Last Updated – 06/2025)
Home to the White House, perhaps the most famous U.S. residence, Washington, D.C., is not a city or a state. Nonetheless, it is the 22nd most populous city in the country, with more residents than all of Wyoming or Vermont. The district’s 120-plus unique neighborhoods are arranged in quadrants surrounding the U.S. Capitol, another famous piece of real estate.
The district has seen a 5.9% increase in its median home sale price in the year ending April 2025. The median sales price is now $741,000, according to Redfin.
Who Is Considered a First-Time Homebuyer in Washington, D.C.?
For many of the Washington home mortgage loan assistance programs, you do not have to be a first-time homebuyer. You qualify as long as you do not currently own a home. That said, some of the programs do require that you have not owned a primary home in the past three years, which is the generally recognized definition of a first-time buyer.
Whether or not you’ve owned a home, it’s always a good idea to attend a homebuyer education program. And for some of the programs noted below, attendance is required. Homebuyer education can help all buyers understand how much mortgage they can afford, what fees are involved, and how the lending and closing processes work.
Recommended: First-Time Homebuyer Guide
4 Washington, D.C. Programs for First-Time Homebuyers
The District of Columbia Housing Finance Agency (DCHFA) offers homebuyer and down payment programs to those who meet income and credit requirements and loan maximums.
Let’s take a closer look.
1. Open Doors Mortgage Program
Qualified first-time and repeat buyers can receive 30-year mortgages at below-market rates for the purchase of a home anywhere in Washington, D.C. You do not have to be a current district resident to apply.
To qualify, borrowers must have a credit score of 640 and an annual income of $275,400 or below. (This is not a household income number; it only applies to the buyer.) The mortgage amount cannot total more than $1,209,750, but there are no purchase price restrictions. Maximum debt-to-income ratios apply.
2. Open Doors Down Payment Assistance Loan
This is a no-interest, no-payment deferred loan used to pay the full amount of your required minimum down payment on an Open Doors primary mortgage. The loan comes due only when the house is sold or transferred, is no longer your principal residence, the mortgage is refinanced, or the 30-year mortgage term is up.
Requirements are the same as Open Doors primary mortgages, listed above.
3. DC4ME Program for Government Employees
The DC4Me program offers full-time D.C. government employees access to a first mortgage at a reduced interest rate and the option of down payment assistance worth 3% of the mortgage in the form of a 0% interest deferred loan.
To qualify, the borrower must be employed by the district, including independent agencies, public charter schools, and any organization that falls under the oversight of the Council of the District of Columbia. Unlike other DCHFA programs, eligible government employees must be a first-time buyer — meaning they do not currently own a home and have not owned a home in the past three years. Borrowers must also complete a home buying education course.
Like the other programs, a credit score of 640 is required. But unlike the other programs, there is a maximum household income (not just the borrower) of $275,400 and a stipulation that the maximum household income not exceed 170% of the area median income. The mortgage loan amount cannot exceed $1,209,750 and the borrower’s debt-to-income ratio may not exceed 50%.
4. Home Purchase Assistance Program
Interest-free loans are for first-time homebuyers (defined as those who have not had an ownership interest in any residential real estate within the three years prior to application). The household income must be within the very low-to-moderate level — up to 110% of area median income.
Borrowers may access up to $202,000 in down payment costs and $4,000 in closing costs as a second, zero-interest loan.
How much you receive and the terms of your repayment depend on your income and household size. For moderate-income households, payments are deferred for the first five years, then are amortized over 40 years. Low-income households will have no monthly payments. All loans are payable in full if you transfer or sell the property, refinance the primary mortgage, or rent out the house.
Recommended: Understanding the Different Types of Mortgage Loans
How to Apply to Washington, D.C. Programs for First-Time Homebuyers
You can find information about qualifications, applications, and requirements for loan programs at the DCHFA website .
You’ll also find a list of approved participating lenders who administer the loans and can help you apply.
It’s especially important for first-time buyers, who may be unfamiliar with the mortgage lending process, to compare interest rates, fees, and other costs among lenders.
To help with that process, D.C. Open Doors hosts homebuyer education sessions each month for free as well as free seminars outside of Open Doors.
Federal Programs for First-Time Homebuyers
Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.
The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.
Federal Housing Administration (FHA) Loans
The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the FHA loan program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO® credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.
In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA loans allow a DTI ratio of up to 57% in some cases, vs. a typical 45% maximum for a conventional loan.
Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.
FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be around $137. You can learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.
Freddie Mac Home Possible Mortgages
Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.
The Home Possible mortgage is for buyers who have a credit score of at least 660.
Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.
Fannie Mae HomeReady Mortgages
Fannie Mae HomeReady® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.
For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .
Fannie Mae Standard 97 LTV Loan
The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.
Department of Veterans Affairs (VA) Loans
Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs. If you think you might be eligible, take time to learn what a VA loan is. It can be used to buy, build, or improve homes. It has a lower interest rate than most other mortgages and doesn’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.
Another benefit of VA loans is that they do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.
Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.
Native American Veteran Direct Loans (NADLs)
Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.
US Department of Agriculture (USDA) Loans
No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.
The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .
HUD Good Neighbor Next Door Program
This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years. For more information, visit the HUD program page.
Washington, D.C. First-Time Homebuyer Stats for 2025
• Median home sale price in Washington, D.C.: $741,000
• 3% down payment: $22,230
• 20% down payment: $148,200
• Percentage of buyers nationwide who are first-time buyers: 24%
• Median age of first-time homebuyers: 38
• Average credit score (vs. average U.S. score of 715): 715
Financing Tips for First-Time Homebuyers
In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:
• Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. For this purpose, the IRS considers anyone who has not owned a primary residence in the past two years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.
• Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.
• 401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000 in a 12-month period, without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.
• State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.
• Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.
• Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.
The Takeaway
Washington, D.C., the district that’s neither a city nor a state, has a variety of first-time homebuyer programs for those who meet income and other criteria. Other first-time buyers can look into government-insured and conventional loans on their own to find a good fit.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Should I take first-time homebuyer classes?
Good information is key to a successful home-buying experience for anyone, but especially for newcomers, who can easily be overwhelmed by the jargon, technicalities, and magnitude of applying for a mortgage and purchasing a home. First-time homebuyer classes can help. Indeed they are required for many government-sponsored loan programs.
Do first-time homebuyers with bad credit qualify for homeownership assistance?
Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications.
Is there a first-time homebuyer tax credit in Washington, D.C.?
No, the mortgage credit certificate program in Washington, D.C. is closed.
Is there a first-time veteran homebuyer assistance program in Washington, D.C.?
The D.C. Housing Finance Agency does not offer specific veteran first-time homebuyer programs, but veterans may find support from the agency’s other housing assistance programs. In addition, district vets may find loans from the federal VA programs listed above.
What credit score do I need for first-time homebuyer assistance in Washington, D.C.?
Applicants for the District of Columbia Housing Finance Agency programs listed above must have a credit score of 640 or above. There are private and federal loan programs that borrowers with lower scores may be able to access.
What is the average age of first-time homebuyers in Washington, D.C.?
There seems to be little data on first-time buyers in Washington, D.C., but the median age nationally is 38.
Photo credit: iStock/Pgiam
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q225-242
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