Okla. Admin. Code § 330:25-3-1

Current through Vol. 42, No. 8, January 2, 2025

Section 330:25-3-1 - Eligible mortgagor

Any potential applicant-mortgagor shall be subject to the following criteria:

(1) Non-targeted areas: At all times, at least ninety-five percent (95%) in aggregate amount of the mortgage loans originated in Non-target areas must be to mortgagors who have not owned a home within the last three (3) preceding years. ("Three Year Ownership Rule")

(2) Target areas: Mortgagor may have owned a home within the last three (3) preceding years.

(3) Acquisition cost and maximum income limits must not exceed the limits as listed in 330:25-5-2.

(4) Loan qualification (underwriting criteria) at least equal to those of GNMA and/or Fannie Mae. All mortgage loans must be insured by FHA or guaranteed by VA.

Okla. Admin. Code § 330:25-3-1