USDA home loan limit increased for N.D.

The U.S. Department of Agriculture's Rural Development agency has increased its home loan limit in North Dakota by 21 percent.

BISMARCK, N.D. (AP) — The U.S. Department of Agriculture's Rural Development agency has increased its home loan limit in North Dakota by 21 percent.

The agency has raised the direct home loan limit from $147,500 to $179,000. It's the first increase under the program since 2005.

Rural Development State Director Jasper Schneider says the change will enable more low- and moderate-income homebuyers to purchase housing.

Officials conducted a market analysis that determined the average cost of construction for a modest home in North Dakota is $179,000.

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