Safeguards for Borrowers

• Mortgage Insurance Premium (MIP) ensures the amount owned on the loan can never be more than the value of the home at time of sale

• Independent HUD counseling is required prior to loan application

• Lender may only look to the value of the home for repayment; no other assets may be attached if the loan balance grows beyond the mortgage home value (non-recourse loan)

*The borrower will be responsible for repaying property charges including homeowners insurance, taxes and maintenance of home for the term of the loan.


Contact us for a list of HUD approved counselors.

Contact us for more information

Brenda Houglum: (218) 790-0954
Sharon Johnson: (701) 793-2755