Rural Mortgage Program TEST

BND will purchase long term fixed rate conventional home loans for rural residential properties from an approved originating lender in instances where the appraisal may not meet standard secondary market requirements.

Eligibility

  • Home must be an owner occupied primary residence
  • The home must be located in North Dakota in an area defined as rural by USDA Rural Development.
  • Property must be residential with no more than 40 acres, preferably 10 acres or less
  • No significant income can be earned from the property

Use of proceeds

Purchase and rate/term refinancing

Loan amount/limit

The maximum allowable loan limit is $400,000.

Loan to value ratios

Maximum Loan to Value (LTV): 80%

Combined Loan to Value (CLTV): 95% if subordinate financing supplied by originating lender

Credit criteria

Fannie Mae credit standards must be met. Additional credit criteria will apply for loans between $350,000 – $400,000.

Collateral

First mortgage on subject property

Appraisal requirements

Uniform Residential Appraisal Report (Fannie Mae form 1004) must be completed by an approved, licensed appraiser.

Loan terms

For loan terms, contact us or call 701.328.5759.

How to apply

BND offers this loan by partnering with local lenders. To apply, contact your lender.

To become an approved lender, please contact BND at 328-5759 or 1.800.472.2166, ext. 328-5759 or contact us.

If you have questions, contact us or call 701.328.5759.