Credit unions are authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, mobile homes, modular homes, vacation homes, property under construction, condominiums, or single family dwellings which shall be the borrower's primary residence.

Loan terms for unimproved real estate may not exceed fifteen years. Loan terms for residential dwellings may not exceed thirty years.

No loans shall be made in excess of eighty-five percent of the appraised value unless such excess amount is insured or similarly guaranteed.

Loans of fifty thousand dollars or more shall require a certified appraisal. Loans of less than fifty thousand dollars shall require an inspection by a credit union-appointed individual and evidence of value in the file. Loan applications, notes, and security instruments may be executed on current versions of FHA, VA, FHLMC, FNMA, or FHLMC/FNMA approved forms.

Loans may not be made on real estate located beyond the continental United States of America.