Residential Real Estate Financing Program

The Residential Real Estate Financing Program provides a secondary single family mortgage market for financial institutions located in North Dakota and offers the people of North Dakota the opportunity of keeping their mortgage loan servicing in North Dakota.

  $10 Million Rural Mortgage Loan Program Available

 

 

 

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.

For more information please contact us at:

Bank of North Dakota
1200 Memorial Hwy
PO Box 5509
Bismarck, ND 58506-5509
(701) 328-5784
1-800-472-2166 ext. 5784
TDD (Telephone Device for the Deaf) 1-800-643-3916