13-03-02-03. Length of term - Amortization - Limitation on amount of percent of appraised value.

1. All amortized loans secured by real property shall be limited to a term of forty years, and an amount of ninety percent of the appraised value of the real estate being mortgaged as security for the loan.

2. When a loan specified in subsection 1 is insured by private mortgage insurance, the permissible amount shall not exceed the amount that is covered by the insurance.

3. When a loan specified in subsection 1 is insured by private mortgage insurance, the permissible amount shall be extended to no more than ninety-five percent.

History: Amended effective June 1, 1979; May 1, 1981; December 1, 2002; October 1, 2008.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-06