Gate City Bank Recognized With Affordable Housing Award for North Dakota

FARGO, ND – Everyone deserves a place to call home, and at a time when costs are rising in almost every part of life, more North Dakotans are achieving affordable homeownership – thanks to Gate City Bank.

In late February, Gate City Bank was recognized with the 2022 Champion of Affordable Housing Award of Excellence by North Dakota Housing Finance Agency (NDHFA). The award recognizes exceptional contributions in promoting affordable homeownership across the state, especially through outstanding delivery of NDHFA’s programs. As the #1 mortgage lender in North Dakota, the bank is incredibly honored to receive this prestigious award. Watch the video.

“We’re beyond grateful for our beautiful partnership with NDHFA. Together, we’re creating a better way of life by making affordable homeownership a reality for countless people across North Dakota,” said Jalyssa Sorenson, Vice President of Mortgage Operations at Gate City Bank. “Many struggle to navigate the complexities of affordability in today’s housing market, and this is a great way of helping them achieve their dreams of finding home sweet home.”

Thanks to its work with Gate City Bank and other community partners, in 2022 alone NDHFA helped 1,460 individuals and families buy their first home. With interest rates on the rise and home-sale prices up more than 50% over the past decade, the agency added that 70% of its borrowers use its down payment and closing cost assistance.

In addition to its NDHFA partnership, Gate City Bank has implemented a number of innovative products and services that help promote homeownership. One example is the bank’s BetterLife™ Student Loan, the first and only program of its kind in the nation. It helps customers consolidate debt and pay off student loans faster, featuring no fees and a low interest rate. Since 2015, the bank has helped more than 3,460 customers save over $35.2 million in interest!

Other examples include competitive interest rates for VA loans, rural development loans and the bank’s MinnStart Home Loan. Gate City Bank approves, finances and services loans locally, offers convenient digital signing options and keeps pre-approvals simple, fast and free. It also offers helpful education resources for homebuyers and donates $50 to a charity of their choice when they close on a loan.¹ The bank has also been voted “best mortgage lender” in many of its communities.