Section 13-02-20-03 - Loan-to-value limitationsExcept as provided in this section and section 13-02-20-04:
1. Loans secured by raw land may not exceed a sixty-five percent loan-to-value ratio. 2. Loans made for land development may not exceed a seventy-five percent loan-to-value ratio. 3. Construction loans for commercial, multifamily, condominiums, cooperatives, and other nonresidential property may not exceed an eighty percent loan-to-value ratio. 4. Construction loans for one-to-four family residential real property may not exceed an eighty-five percent loan-to-value ratio. 5. Improved property loans may not exceed an eighty-five percent loan-to-value ratio. 6. Owner-occupied one-to-four family and home equity loans may not exceed a ninety percent loan-to-value ratio. However, such loans may exceed the ninety percent loan-to-value limit provided the amount above this limitation is government guaranteed, or has an appropriate credit enhancement in the form of either mortgage insurance or readily marketable collateral. N.D. Admin Code 13-02-20-03
Effective November 1, 1995.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-03-05