Mortgage Origination Program for rural lenders
This program supports rural lenders who want to assist their customers in their home loan process but are unable to originate home loans. BND can originate USDA or Conventional financing under the BND Rural Mortgage Program, and will work directly with consumers to find the mortgage loan type best suited to their needs.
For Conventional and USDA financing
- Applicant must be referred by a rural lender located in an area where private sector mortgage services are not reasonably available.
- Home must be occupied by the borrower as their primary residence.
- Home must be located in North Dakota.
Purchase, rate/term refinance and cash-out refinance
Maximum loan amount is $453,100 for Conventional loans. Agency maximum applies for USDA loans.
Maximum Loan to Value (LTV): Agency maximum for USDA; 80% for Conventional
Combined Loan to Value (CLTV): Agency maximum for USDA; Conventional is 95% if subordinate financing is supplied by referring lender
Applicable USDA or Fannie Mae standards/requirements must be met. For conventional loans between $350,000 and $453,100, additional credit underwriting requirements will apply.
First mortgage on subject property
USDA standards/requirements must be met. Conventional financing will require a Uniform Residential Appraisal report completed by an approved licensed appraiser.