Loan-to-value limitations.

13-02-20-03. Loan-to-value limitations. Except 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. History: Effective November 1, 1995. 2 General Authority: NDCC 6-01-04 Law Implemented: NDCC 6-03-05