If you need assistance to make a down payment, help with closing costs, rehabilitate your home, make emergency repairs, or fill in affordability gaps then the DREAM Fund may be ideal for you.

The DREAM Fund provides financing that traditional lending programs cannot accommodate by assisting with…

 

Down payment and closing costs

Rehabilitation

Emergency Repairs

And other housing-related loans, including construction and construction bridge loans

Mortgage assistance to overcome lending barriers, including appraisal and affordability gaps

Frequently Asked Questions

 

What is the Dream fund?

What is the DREAM Fund?

The DREAM Fund only offers financing that traditional lenders are unable to provide. Potential borrowers must talk to their lenders first.

The DREAM Fund is not intended to be a lower-cost alternative to traditional financing. And it only provides loans to borrowers who have, or can, demonstrate the character and capacity to meet their loan requirements.

The DREAM Fund does not provide grants, only loans which traditional lending programs cannot provide. Although we do sometimes meet the full financing need, typically lenders will provide most of the financing and the DREAM Fund will furnish the difference with a second mortgage.

Interest rates and terms are structured so that total payments are affordable to the homebuyer. Interest rates are typically at market rate or lower.

Home buyer education is highly recommended and may be required.

To see how the DREAM Program has helped families achieve affordable homeownership, read the A-Z Brochure – 26 Ways the DREAM Fund Can Help You. (Note: Names have been changed to protect identities)

 

    What types of loans are eligible?

     

    What types of loans are eligible?

    • D – Down payment and closing costs
    • R – Rehabilitation
    • E – Emergency repairs
    • A – And other housing loans, including construction and construction bridge loans, and
    • M – Mortgage assistance, to overcome lending barriers, including appraisal and affordability gaps

    The property must be owner occupied within 60 days of the loan closing except in the case of construction financing.

    Mobile homes not on a permanent foundation do not qualify.

     

      Who is eligible?

      Persons living throughout North Dakota and in Corson County, South Dakota are eligible for the DREAM Fund.
      Although most borrowers are low- to moderate-income, we loan to families of all income levels.

      The DREAM Fund can be more flexible in determining the homebuyer’s credit-worthiness than traditional lenders, but borrowers must be able to demonstrate the character and capacity to meet their obligations.

      The DREAM Fund makes loans to persons in major cities, small communities and rural areas. However, the DREAM Fund is not yet available throughout the entire state. The map in the right-column indicates the current area serviced by the DREAM Fund.

        What are the rates and terms?

        Rates and terms are structured so total payments are affordable to you, the borrower. Your interest rates are typically at market rate or lower.

        What are the requirements?

        The  property must be owner-occupied within 60 days of the loan closing, except in the case of construction financing. Mobile homes not on a permanent foundation do not qualify. Homebuyer education may be required.

        What are the fees?

        An application fee is charged. Fees for other out-of-pocket expenses incurred by Lewis & Clark Development Group may also be applied.

          What is the application process?

          Homebuyers should talk to their lender first, because the DREAM Fund provides only the financing that lenders are unable to provide. It does not replace what lenders can provide.

          The paperwork done by the lender is generally the same as we require. For the most part, we are able to use copies of paperwork the lender already has. We charge an application fee and for any other out-of-pocket expenses incurred by CommunityWorks.

          Here’s how the process works:

          • Lender or Borrower contacts CWND
          • Lender or Borrower submits
            • A letter explaining what type of financing they are requesting
            • A loan application (either from the lender or CWND) and supporting documentation
          • CWND underwrites the loan application package
          • CWND Loan Committee reviews the underwritten loan application package and approves or denies the package
          • CWND notifies the lender and borrower as to the Loan Committee’s decision

          LCD Group’s Home Loan expert:

          Lisa Pogatshnik

          • Housing Director, Lewis & Clark Development Group (2013 – Present)
          • Real Estate Loan Processor , Lewis & Clark Development Group (2012 – 2013)
          • Mortgage Operations Specialist, Starion Financial (2009 – 2012)
          • 16 years of mortgage and home lending experience
          • Certified Housing Development Finance Professional
          • SAFE Mortgage Loan Originator (NMLS #180495)

          Contact Lisa

          (701) 667-7603

          Are you an individual, business, or government rep looking for funding?