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Secondary Market

BND will purchase qualifying first mortgage FHA, VA, USDA and Conventional loans from an approved originating lender.

Eligibility

The property must be an owner-occupied principal residence and be located in North Dakota or select areas in western Minnesota.

Use of proceeds

Purchase, rate/term refinance or cash out refinancing

Loan amount/limit

Applicable FHA, VA, USDA or Fannie Mae maximum

Loan-to-value ratios

Maximum Loan-to-Value (LTV):  FHA, VA, or USDA agency maximum; Conventional maximum is 95% with approved PMI

Combined Loan-to-Value (CLTV): FHA, VA, or USDA agency maximum; Conventional maximum is 97%

Credit criteria

Applicable FHA, VA, USDA or Fannie Mae credit standards/requirements must be met.

Collateral

First mortgage on subject property

Appraisal requirements

Must meet applicable FHA, VA, USDA or Fannie Mae standards/requirements.

Loan terms

Loan terms may be 15 or 30 years.

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 1.800.482.2166 ext 328-5759.

If you have any questions, contact us.