The maturity of a loan to a member may not exceed fifteen (15) years except as follows:
(1)  A credit union may make loans with maturities not to exceed twenty (20) years in the case of:
(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.
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Terms Used In Idaho Code 26-2120A

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2)  A credit union may make residential real estate loans on one-to-four family dwellings used as second or vacation residences, including an individual cooperative unit, and that are secured by a first lien upon such dwelling, with maturities not to exceed thirty (30) years.
(3)  A credit union may make residential real estate loans to members, including loans secured by manufactured homes permanently affixed to the land, with maturities not to exceed forty (40) years, subject to the following conditions:
(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.
(4)  Lines of credit are not subject to a maturity limit except as determined by contract between the credit union and the member.