ND SB2064

Amends section 6-09-44 of the North Dakota Century Code to modify the Bank of North Dakota's residential mortgage loan program effective through July 31, 2013.

Removes the $8 million cap on conventional rural residential mortgages and changes the maximum loan amount from a fixed $200,000 to an amount established by Bank policy.

Adds credit unions to the requirement that applicants must be referred by a local financial institution, with no objection from other local financial institutions.

Permits local financial institutions or credit unions to hold a second mortgage on properties, allowing combined loan-to-value ratios up to 95 percent.

Allows the Bank of North Dakota to sell eligible first-time home buyer loans to the North Dakota housing finance agency.