ND SB2098

Amends section 6-09-44 of the North Dakota Century Code to modify the Bank of North Dakota's residential mortgage loan program.

Applicants must be referred by a local financial institution or credit union, and loans must be for owner-occupied primary residences only.

Loan terms are capped at 30 years with rates equal to the Bank's market rate and maximum loan-to-value of 80 percent, though local institutions may take a second mortgage up to 95 percent combined loan-to-value.

The Bank must provide all regulatory disclosures, loan processing, underwriting, closing documents, and loan disbursement.

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