§431:6-307 Mortgage loan limited by property value. (a) No mortgage loan or investment therein upon any one parcel of real property shall exceed in amount at the time of acquisition:
(1) Eighty per cent of the fair value of the property if the property is a dwelling house primarily intended for occupancy by one family, and the loan is required to be amortized within not more than thirty years by payment of installments thereon, at regular intervals not less frequent than every three months; or
(2) Seventy-five per cent of the fair value of the property in all other cases.
(b) The extent to which a mortgage loan made under section 431:6-306(3) is guaranteed or insured by an agency of the United States, may be deducted before application of the limitations in subsection (a). [L 1987, c 347, pt of §2]
Section: Previous 431-6-201 431-6-301 431-6-302 431-6-303 431-6-304 431-6-305 431-6-306 431-6-307 431-6-308 431-6-309 431-6-310 431-6-311 431-6-312 431-6-313 431-6-314 NextLast modified: October 27, 2016