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The Residential Real Estate Program is designed to provide a secondary
single family mortgage market for financial institutions located in North Dakota
and to offer the people of North Dakota the opportunity of keeping their
mortgage loan servicing in North Dakota.
Qualifying Requirements
Local Lender - A local lender originates the loan and sells it to BND. BND
services the loan.
Collateral - Loans are secured by a first mortgage on real estate in North
Dakota.
Underwriting Standards - Loans are underwritten using Federal
National Mortgage Association ("Fannie Mae"); Federal Home Loan Mortgage
Corporation ("Freddie Mac"); Federal Housing Administration ("FHA"); and
Veterans Administration ("VA") underwriting guidelines and forms.
Information Requirements - As there are different loan programs, such
as FHA; VA; and Conventional loans, BND will furnish the lender with
documentation requirements on each individual program.
Interest Rate
The interest rate is negotiated between the borrower and the originating lender.
Loan Terms
All residential real estate loan programs offered by BND will be set up on 15
year; 20 year; and 30 year terms. All loans, which are in excess of 80% loan
to value and are not guaranteed by a U.S. agency, must be insured by a
private mortgage insurance company acceptable to the Bank and approved by
Freddie Mac or Fannie Mae.
Call (701) 328-5759 or 328-5784 for further information.
1-800-472-2166 ext. 5759 or 5784
TDD (Telephone Device for the Deaf) 1-800-643-3916
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