Does anyone know if there are exemptions to the legal lending limits for a first mortgage principal dwelling loan?

Can someone point me to the State Law that discusses lending limits on real estate or specifically to a dwelling acting as a principal dwelling?

Go here:

http://dbf.georgia.gov/vgn/images/portal...nstitutions.pdf

7-1-285. Limits on obligations of one person or corporation.

I see no provisions that differentiate real secured loans from other loans.

Try 80-1-5.02, Real Estate Loans...Georgia Law. This section has received a major overhaul in recent years...it used to be a bit more "intense".

Oh...and in addition to Randy's cite above...also review 80-1-5.01 for more info on LLL.

Thanks to you both - based on my reading of 80-1-5-01 and 02, I did not see anything there that would indicate that the lending limits prescribed in 7-1-285 are not applicable to first mortgage dwelling loans. Do you all agree?

I'm not an expert in Georgia law, but I can't imagine that any other statute or regulation would override 7-1-285.

That is correct, Whataday...80-1 just adds to the requirements...it used to be pretty restrictive on LTV's, but has loosened up...it just kind of finishes the story, so-to-speak.

Thanks to both of you for your help.