Rural Mortgage Loan Program
The Rural Mortgage Loan Program allows rural financial institutions that do not have FHA approval to service their customers requesting a mortgage loan. The applicant must be referred to BND by a rural lender.
Residential Real Estate Financing Program
The Residential Real Estate Financing Program provides traditional mortgage services to the residents of North Dakota.
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.
The interest rate is negotiated between the borrower and the originating lender.
For more information please contact us at:
Bank of North Dakota
1200 Memorial Hwy
PO Box 5509
Bismarck, ND 58506-5509
800.472.2166 ext. 328.5759
TDD (Telephone Device for the Deaf) 800.643.3916