Idaho Statutes Title 26. Banks and Banking § 26-2120A. Limit on loan maturity

(a) A loan to finance the purchase of a manufactured home if the manufactured home will be used as the member's residence and the loan is secured by a first lien on the manufactured home, and the manufactured home meets the requirements for the deductibility of residential mortgage interest for income tax under the Internal Revenue Code;

(b) A second mortgage loan or a nonpurchase money first mortgage loan in the case of a residence on which there is no existing first mortgage, if the loan is secured by a residential dwelling that is the residence of the member; and

(c) A loan to finance the repair, alteration, or improvement of a residential dwelling that is the residence of the member.

(a) The loan shall be made on a one-to-four family dwelling that is or will be the principal residence of the member, and the loan shall be secured by a perfected first lien in favor of the credit union on such dwelling, or a perfected first security interest in the case of either a residential cooperative or a leasehold or ground rent estate;

(b) The loan application shall be a completed standard federal housing administration, veterans administration, federal home loan mortgage corporation, federal national mortgage association, or federal home loan mortgage corporation/federal national mortgage association application form. In lieu of use of a standard application, the credit union may have a current attorney's opinion on file stating that the forms in use meet the requirements of applicable federal, state, and local laws;

(c) The security instrument and note shall be executed on the most current version of the federal housing administration, veterans administration, federal home loan mortgage corporation, federal national mortgage association, or federal home loan mortgage corporation/federal national mortgage association uniform instruments for the jurisdiction in which the property is located. In lieu of use of a standard security instrument and note, the credit union may have a current attorney's opinion on file stating that the security instrument and note in use meet the requirements of applicable federal, state, and local laws; and

(d) The loan shall be secured by a perfected first lien or first security interest in favor of the credit union supported by a properly executed and recorded security instrument.