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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.

Eligibility

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.

Use of proceeds

Purchase, rate/term refinance and cash-out refinance

Loan amount/limit

Maximum loan amount is $548,250 for Conventional loans. Agency maximum applies for USDA loans.

Loan to value ratios

Maximum Loan to Value (LTV): Agency maximum for USDA; 95% for Conventional with approved mortgage insurance

Combined Loan to Value (CLTV): Agency maximum for USDA; Conventional is 95%

Credit criteria

Applicable USDA or Fannie Mae standards/requirements must be met. For conventional loans between $350,000 and $548,250, additional credit underwriting requirements will apply.

Collateral

First mortgage on subject property

Appraisal requirements

USDA standards/requirements must be met. Conventional financing will require a Uniform Residential Appraisal report completed by an approved licensed appraiser.

Loan terms

For loan terms, contact us or call 701.328.5759.

How to apply

Applicant must be referred to BND by a qualifying rural lender. The referring lender may assist BND by taking the loan application, collecting the required documentation and acting as the main contact for the borrower.

If you have any questions, contact us or call 701.328.5759.