reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 5 - Hearing Practices and Procedures › Section 330:1-5-10 - Findings of fact

Current through Vol. 41, No. 20, July 1, 2024
All findings of fact shall be based exclusively on the
				  evidence presented and on matters officially noticed. A final order adverse to
				  a party in an individual proceeding shall be in writing or stated in the
				  record. A final order shall include findings of fact and conclusions of law,
				  separately stated. Findings of fact, if set forth in statutory language, shall
				  be accompanied by a concise and explicit statement of the underlying facts
				  supporting the findings. If, upon request, a party submits proposed findings of
				  fact, the order shall include a ruling upon each proposed finding. Parties
				  shall be notified either personally or by mail of any order. A copy of the
				  order shall be delivered or mailed forthwith to each party and to his attorney
				  of record, if any.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 5 - Hearing Practices and Procedures › Section 330:1-5-11 - Rehearings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Grounds
				for rehearing.
At the discretion of the Trustee, a rehearing may be
				granted to any party if a written request is made therefor within ten (10) days
				after any order is mailed or delivered to the person entitled to receive same.
				In the request for rehearing, the party shall set forth one or more of the
				following grounds:
(1) Newly discovered or
				newly available evidence relevant to the issues;
(2) Need for additional evidence adequately
				to develop the facts essential to proper decision;
(3) Probable error committed by the Trustees
				in the proceeding or in their decision such as would be ground for reversal on
				judicial review of the order;
(4)
				Need for further consideration of the issues and the evidence in the public
				interest; or
(5) A showing that
				issues not previously considered ought to be examined in order to properly
				dispose of the matter.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 5 - Hearing Practices and Procedures › Section 330:1-5-12 - What shall be considered upon rehearing

Current through Vol. 41, No. 20, July 1, 2024
On rehearing, the hearing shall be confined to those grounds
				  upon which the rehearing was requested or granted.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 5 - Hearing Practices and Procedures › Section 330:1-5-13 - Appeals from order of the Trustees

Current through Vol. 41, No. 20, July 1, 2024
The Trustees shall enter their order respecting a hearing or
				  rehearing within fifteen (15) days after the termination of the hearing or any
				  rehearing thereof. Such time may be extended by stipulation. The order shall
				  contain a concise statement of the facts as found by the Trustees and a concise
				  statement of their conclusions therefrom and the effective date of the order.
				  The parties shall be notified immediately by telephone or by mail of the entry
				  of the order and a copy delivered or mailed to each party or his attorney of
				  record. Appeals shall be taken from orders of the Trustees, in accordance with
				  the provisions of Sections 318 through 323 of the APA, and the Rules of the
				  Supreme Court of Oklahoma.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 5 - Hearing Practices and Procedures › Section 330:1-5-14 - Disqualification of Trustees

Current through Vol. 41, No. 20, July 1, 2024
Any Trustee or duly appointed hearing examiner acting on
				  behalf of the Trustees shall withdraw from any individual proceeding in which
				  he cannot accord a fair and impartial consideration. Any party may request the
				  disqualification of a Trustee or hearing examiner on the ground of such
				  persons' inability to conduct the proceeding in a fair and impartial manner.
				  Such request must be made by affidavit setting forth with particularity the
				  reason for which it is claimed the impartial and fair hearing cannot be
				  accorded. Such a request must be made promptly upon discovery of the alleged
				  disqualification; the Trustees shall promptly determine the issue. Any Trustee
				  who is the subject of such a determination shall abstain from the deliberations
				  of the remaining Trustees. Upon a determination of the disqualification of a
				  hearing examiner, the Trustees shall appoint another or conduct the proceeding
				  themselves. In the event of the disqualification of a Trustee, the remaining
				  Trustees shall request the Governor to appoint a member pro tempore to sit in
				  his stead for the proceeding in question.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 1 - Rules of Administrative Procedure › Subchapter 7 - Federal Standards › Section 330:1-7-1 - Federal standards

Current through Vol. 41, No. 20, July 1, 2024
OHFA administers various rent subsidy programs under
				  agreements with the United States Department of Housing and Urban Development
				  (HUD). In connection therewith the procedures for the administration of such
				  HUD programs, as well as the development of programs of a similar nature which
				  OHFA may administer in the future, are prescribed generally by Section 8 of the
				  United States Housing Act of 1937, as amended ("Section 8 Programs"). In order
				  to effectively administer these programs, as well as future Section 8 Programs,
				  OHFA hereby incorporates the federal regulations and forms adopted by HUD for
				  administering such programs, as now exist or may be adopted or amended in the
				  future from time to time. These regulations include: Code of Federal
				  Regulations; HUD Handbooks and Policy Memoranda governing Section 8 Programs;
				  HUD Annual Contribution Contracts; and Administrative Plans implementing
				  Federal Statutes and HUD regulations.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 1 - General Provisions › Section 330:10-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules of this Chapter have been adopted for the purpose
				  of complying with the provisions of the Administrative Procedures Act, 75 O.
				  S., Sections 250 et seq. The rules of this Chapter shall be utilized in the
				  finalization, implementation and administration of OHFA's 1984 Single Family
				  Mortgage Revenue Bond, 30 year fixed Rate Loan Program.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 1 - General Provisions › Section 330:10-1-2 - Program administration deal sheet

Current through Vol. 41, No. 20, July 1, 2024
(a) Maximum loan to value ratio of loan:
				95%
(b) Structure of loan: Each
				mortgage loan will be secured by a first mortgage lien upon a single family
				(one unit) owner-occupied residence to be occupied by the mortgagor as his or
				her principal place of residence and located within the State, will be made
				substantially in accordance with the originating Participant's then-current
				standard underwriting policies which will be at least equal to the then-current
				Federal Home Loan Mortgage Corporation ("FHLMC") or Federal National Mortgage
				Association ("FNMA") requirements, subject to acceptance by the insurer under
				the Mortgage Pool Insurance Policy. Each mortgage loan will be made for the
				purpose of purchasing the property subject to the related mortgage loan and not
				for the purpose of acquiring, replacing or refinancing any existing loan
				(except for the replacement of construction period loans, bridge loans or
				similar temporary initial financing on any such property), will have a fixed
				rate of interest and will have a term of not more than thirty (30) years. A
				portion of the mortgage loans may be FHA-insured or VA-guaranteed, in
				accordance with applicable rules.
(c) Eligible residences: Owner-occupied,
				single-family residences, including manufactured housing, condominium units,
				and planned unit developments (P. U. D.'s) may be financed under the program.
				Manufactured, condominium and P. U. D. financing will be limited to 20% of the
				overall mortgage loan portfolio, provided, that deminimis P. U. D.'s shall not
				be included in the 20% limitation.
(d) Maximum sales price of residence; maximum
				income: Residential Price:
(1) Tulsa MSA
New
Existing
(A) Non-targeted areas
$99,990
$79,860
(B) Targeted areas
$109,080
$87,120
(2) Oklahoma City MSA
(A) Non-targeted areas
$88,990
$74,400
(B) Targeted areas
$97,080
$81,240
(3) Other State Areas
(A) Non-targeted areas
$88,110
$60,720
(B) Targeted areas
$96,120
$66,240
(e)
				Maximum income limitation (not adjusted as to credit):
(1) Tulsa MSA:
$ 42,000
(2) Oklahoma City MSA:
$ 40,000
(3) Other State Areas:
$ 38,500
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 1 - General Provisions › Section 330:10-1-3 - Mortgage loan interest rates

Current through Vol. 41, No. 20, July 1, 2024
The maximum mortgage loan interest rate pursuant to the
				  program will be eleven percent (11%) per annum.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 1 - General Provisions › Section 330:10-1-4 - Closing dates

Current through Vol. 41, No. 20, July 1, 2024
All mortgage loans originated under the bond program will be
				  closed on dates as agreed by the participant and the trustee bank, not less
				  than 4 days per month.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 3 - Eligible Mortgagor/Requirements › Section 330:10-3-1 - Annual income

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Maximum income will be determined with respect to each mortgagor's application
				on the basis of the mortgagor's 1983 tax year with respect to applications
				received on or before April 15, 1985, and on the mortgagor's 1984 tax year with
				respect to applications received after April 15, 1985, the total annual income
				of the mortgagor from whatever source derived and before taxes or withholding
				together with the total annual income from whatever source derived and before
				taxes or withholding for the immediately preceding taxable year of all persons
				who intend to permanently reside with such mortgagor in the same dwelling (the
				mortgagor and such other person(s) intending to permanently reside in the same
				dwelling being hereinafter referred to collectively as "household members"),
				less the total of credits computed in accordance with the following:
(1) a credit in an amount equal to $1,000 for
				each household member other than the head of the household;
(2) a credit in an amount equal to all
				earnings of any household member who is under 18 years of age or who is
				physically or mentally handicapped, as determined on the basis of medical
				evidence from a licensed physician;
(3) a credit in an amount equal to medical
				expenses of household members, not compensated for or covered by insurance, in
				excess of 3% of such total adjusted gross income;
(4) a credit in an amount equal to one-half
				(1/2) of the total earnings of all household members over 18 years of age who
				are secondary wage earners in the household, other than the spouse or the head
				of household; provided however, that such credit shall not exceed the sum of
				$2,500; and
(5) a credit in an
				amount equal to all income of any household member of an unusual or temporary
				nature and not related to such household member's regular employment, as
				determined by the lending institution in accordance with this section shall not
				mean investment earnings.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 3 - Eligible Mortgagor/Requirements › Section 330:10-3-2 - Target area criteria

Current through Vol. 41, No. 20, July 1, 2024
Eligible mortgagor means any potential applicant-mortgagor,
				  who meets the following criteria:
(1)
				Non-targeted areas include any area not defined as a target area, as set forth
				in the compendium of maps and charts to be provided.
(A) At all times, at least ninety percent
				(90%) in aggregate amount of the mortgage loans originated must be to
				mortgagors who have not owned a home within the last three (3) preceding years.
				("Three Year Ownership Rule").
(B)
				House price must not exceed 90% of the average of the applicable area, in
				accordance with
				330:10-1-2(d).
(C) Mortgagor meets the Oklahoma Housing
				Finance Agency "Maximum income criteria" applicable in the County of
				origination, in accordance with
				330:10-1-2(e).
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 5 - Fees › Section 330:10-5-1 - Program participant fees

Current through Vol. 41, No. 20, July 1, 2024
Each participant will remit to the Agency when requested, but
				  in all cases at least five (5) days prior to closing, a corporate check equal
				  to a maximum of three percent (3%) of the amount of the participation allocated
				  to each participant. Such funds will constitute a non-refundable program
				  participant fee and the check will be cashed and the funds retained by the
				  Agency. In the event the bonds are not delivered, the check will be returned to
				  the participant.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 5 - Fees › Section 330:10-5-2 - Fees for origination

Current through Vol. 41, No. 20, July 1, 2024
For origination of the mortgage loan, the participant will
				  receive a fee equal to a maximum of four percent (4%) of the amount of such
				  mortgage loan originated on behalf of the Agency. All of the funds derived by
				  such participant will be retained by the participant. However, the lender will
				  be required to pay the tax required for registration of the mortgages
				  originated under the Agency's program. The source of payment of all or a
				  portion of the points may vary with either FHA-insured or VA-guaranteed
				  Loans.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 5 - Fees › Section 330:10-5-3 - Servicing fees of participant

Current through Vol. 41, No. 20, July 1, 2024
The servicing fee shall be a maximum monthly fee of 1/12 of
				  36.5/100ths of 1% calculated on the basis of the actual collections of
				  principal of and interest on the Agency's Mortgage Loan.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:10-7-1 - Method of allocation

Current through Vol. 41, No. 20, July 1, 2024
(a) The
				federal legislation requires that an amount at least equal to 20% of the
				lendable proceeds shall be used or made available for use (for at least twelve
				months) within a designated target area.
(b) In order to comply with provisions of the
				federal law, the Agency proposes to invite offers and allocate proceeds of the
				participants based upon the following criteria:
(1) Participants, in their Offers to
				Originate, must specify the amount of the proposed allocation to be used in
				target and non-target areas. Upon receipt of offers, the Agency will total the
				amount of Offers to Originate within target areas, and divide the target area
				amount by 0.20 to determine the maximum issue size that will assure use of at
				least 20% of lendable proceeds within designated target areas. Allocations to
				the lenders by the Agency will be made at the discretion of the Agency so that
				the total of all target area offers will equal or exceed 20% of the aggregate
				of all offers in target and non-target areas. Should it become necessary, after
				making initial allocations, for the Agency to reduce the overall issue size
				because of marketing or other considerations, the allocations of all
				participants will be reduced approximately proportionately.
(2) The offer may encompass the State as a
				whole or various specific counties within the State. The offer should, however,
				indicate the approximate allocation of mortgage funds among the various
				counties, so that the Agency may monitor geographic distribution of program
				funds. The minimum participation allowable under the program will be
				$500,000.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:10-7-2 - Disbursements and transfers

Current through Vol. 41, No. 20, July 1, 2024
(a) It
				should be understood that the federal legislation does not distinguish between
				the commitment period and the funding period.
(b) Funds are to be disbursed for the
				acquisition of mortgage loans within the periods established herein.
(1) Funds are to be disbursed in a non-target
				area within twelve (12) months from the date of delivery of the
				bonds.
(2) Funds are to be
				disbursed in target areas within twelve (12) months from the bond delivery
				date.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 7 - Offers to Originate; Disbursements › Section 330:10-7-3 - Blocking out

Current through Vol. 41, No. 20, July 1, 2024
Participants may, prior to or after submission of offers to
				  participate, enter into formal or informal arrangements with realtors, builders
				  and/or developers for commitment of mortgage loans to ultimate purchasers of
				  qualified residences. Provided, such commitment of mortgage loan funds by any
				  participant may not exceed 25% of that participants total allocation, and such
				  blocking out may not be for a period to exceed 7 months. After such time the
				  blocked out funds shall be subject to recall and reallocation by the
				  Agency.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 9 - Mortgage Loan › Section 330:10-9-1 - Mortgage insurer

Current through Vol. 41, No. 20, July 1, 2024
As of the closing date for a mortgage loan not FHA insured or
				  VA-guaranteed, such mortgage loan shall be less than 80% of the lesser of the
				  purchase price or appraised value or be privately insured under an acceptable
				  Mortgage Guaranty Insurance Policy in an amount so that the uninsured portion
				  of such mortgage loan does not exceed 72% of the lesser of the purchase price
				  or the initial appraised value of such property, which insurance will be
				  maintained until the outstanding principal amount of the mortgage loan is 72%
				  or less of the purchase price or original appraised value of the property,
				  whichever is less; and in the case of a FHA-insured or VA-guaranteed mortgage
				  loan, the unguaranteed portion of the mortgage loan shall not exceed 75% of the
				  lesser of the purchase price or the initial appraised value. If a mortgage loan
				  is required to have private mortgage insurance under terms and conditions of
				  the program, it will be with an insurer to be selected from a list of insurers
				  to be determined by the Agency. The cost of such policy will be paid by the
				  mortgagor.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 9 - Mortgage Loan › Section 330:10-9-2 - Insurance requirements

Current through Vol. 41, No. 20, July 1, 2024
The following are insurance requirements for the mortgage
				  loan:
(1) Twenty percent (20%) Pool
				Insurance with 30 day advance claim payment clause.
(2) Special hazard insurance
(3) Mortgage servicer indemnity
				bond
(4) Errors and omissions
				insurance
(5) Fidelity
				bond
(6) Flood insurance (where
				applicable)
(7) Private mortgage
				insurance (where applicable)
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 9 - Mortgage Loan › Section 330:10-9-3 - Repurchase requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) If
				any document or documents constituting a part of a mortgage file are defective
				or incomplete in any material respect, the affected participant shall cure the
				defect within a period of 60 days from the time the Trustee notifies the
				responsible participant of the existence of the defect. Each participant
				covenants and agrees that, if any material defect cannot be cured within such
				60 day period, the participant will, not later than 90 days after the Trustee's
				notice to it respecting such defect, purchase the related mortgage loan from
				the Agency at a price equal to:
(1) 100% of
				the principal remaining unpaid on such mortgage loan, plus
(2) interest thereon to the date of the
				purchase. It is understood and agreed that the obligation of the participant to
				purchase the mortgage loan as to which a material defect in a constituent
				document exists shall constitute the sole remedy respecting such defect
				available to the Agency or the Trustee.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 11 - Participant Requirements › Section 330:10-11-1 - Eligibility

Current through Vol. 41, No. 20, July 1, 2024
Home mortgage lending institutions, including all qualified
				  savings and loans, commercial banks and mortgage banking institutions
				  maintaining an office within the State are considered to be eligible
				  participants.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 11 - Participant Requirements › Section 330:10-11-2 - Program receipts reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) On or before the 13th day of each month
				each participant will report to the Trustee, and the Agency (either in writing
				or by telephone) as to the balance of the Receipts Account on the 10th day of
				each month. This report establishes the amount to be drawn by the Trustee on
				the next succeeding 15th day of the month.
(b) On or before the 26th day of each month,
				the participant shall deliver to the Trustee and Agency a report specifying:
(1) the amount of funds in the Receipts
				Account,
(2) the number and amount
				of mortgage loans delinquent for twenty-three (23) days or more, as of the date
				of the report,
(3) the identify of
				each mortgage loan delinquent or in default,
(4) current information in respect to the
				filing, processing and prosecuting, and
(5) if applicable, the status of foreclosure
				proceedings if instituted; such report shall be complete as to receipts on the
				mortgage loans as of the 23rd day of each month.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 11 - Participant Requirements › Section 330:10-11-3 - Conditions

Current through Vol. 41, No. 20, July 1, 2024
(a) Any participant
				may permit the seller of a single family residence being financed with a
				mortgage loan, or any other person, to buy down the interest rate on such
				mortgage loan as an inducement to an eligible borrower to purchase the
				residence, but only upon approval by the mortgage loan insurer selected by the
				Agency, and in accordance with certain other conditions, including:
(1) the term of the buy-down may not be less
				than one year nor more than three years;
(2) reduction in the amount of the buy-down
				may only occur annually and the amount of such reduction may not exceed that
				amount which would produce an increase in the monthly principal and interest
				payments by the borrower greater than 7 1/2% of such monthly payments for the
				preceding annual period;
(3) the
				mortgage loan shall make no reference to or adjustment for the
				buy-downs;
(4) prior to purchase by
				the Agency of the mortgage loan, monies sufficient to effectuate the buy-down
				in a timely manner shall have been deposited into an escrow passbook savings
				account (insured by the Federal Deposit Insurance Corporation or the Federal
				Savings and Loan Insurance Corporation) maintained by the participant, with
				scheduled monthly releases which shall supplement the borrower's mortgage loan
				payments during the term of the buy-down; and
(5) the monies in such account shall not be
				used to pay any overdue mortgage loan payments.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 13 - Statement of Agency › Section 330:10-13-1 - Federal requirements

Current through Vol. 41, No. 20, July 1, 2024
The requirements set forth in this Chapter are expressions
				  and examples of the most restrictive and most stringent requirements that may
				  be required by federal regulations.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 13 - Statement of Agency › Section 330:10-13-2 - Requiremens

Current through Vol. 41, No. 20, July 1, 2024
(a) No more than
				approximately seventy-five percent (75%) of the aggregate principal amount of
				mortgage loans will represent mortgage loans, the original principal amount of
				which is greater than 90% of the initial appraised value of the property or the
				purchase price, whichever is less. In addition, except for VA-guaranteed
				mortgage loans, the original principal amount of each of the mortgage loans
				will not exceed 95% of the lesser of the initial appraised value of the
				property or the purchase price. No more than approximately twenty (20%) of the
				aggregate principal amount of the mortgage loans will represent mortgage loans
				on planned unit developments, condominiums and eligible manufactured housing.
				However,
(1) no limitation shall apply to de
				minimis planned unit developments, approved pursuant to FNMA or FHLMC
				guidelines;
(2) at least
				three-fourths of the allowable twenty percent (20%) shall represent planned
				unit developments or condominium projects that have been approved by FNMA or
				FHLMC; and
(3) the remaining five
				percent (5%) require no prior qualification or approvals. The Agreement permits
				the origination of FHA-insured and VA-guaranteed mortgage loans, not to exceed
				twenty (20%) of the aggregate principal amount of mortgage loans.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 13 - Statement of Agency › Section 330:10-13-3 - Mortgage eligibility requirements

Current through Vol. 41, No. 20, July 1, 2024
Residence requirements are as follows:
(1) The residence must be a owner-occupied,
				single-family residence. Provided, condominium units, manufactured housing and
				P.U.D.'s are eligible for financing under the issuer's program.
(2) The residence must reasonably be expected
				to become the principal residence of the mortgagor within a reasonable time
				after the financing is provided.
(3) The residence must not be expected to be
				used in a trade or business, as an investment property or as a recreational
				home.
(4) The residence must be
				located within the State of Oklahoma.
(5) The mortgage loan for the residence may
				not include financing of property such as an appliance, a piece of furniture,
				or a radio which is not a fixture under applicable local law.
(6) Manufactured housing must be permanently
				fixed to real property owned by the mortgagor.
(7) The land appurtenant to the residence
				must reasonably maintain the basic livability of the residence and be of a type
				and amount consistent with applicable federal and local regulations.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 10 - 1984 Single Family Mortgage Revenue Bonds - 30 Year Fixed Rate Loan Program › Subchapter 13 - Statement of Agency › Section 330:10-13-4 - Compliance procedure and documentation

Current through Vol. 41, No. 20, July 1, 2024
(a) Mortgagor.
(1) Mortgagor must execute a sworn affidavit
				establishing the following:
(A) The location
				of the residence to be financed with proceeds to the mortgage loan.
(B) The residence is either:
(i) a dwelling suitable for occupancy by only
				one family, or
(ii) one unit in a
				condominium or P.U.D.
(C) The mortgagor intends to occupy the
				residence as his principal residence within 60 days following the closing of
				the mortgage loan. The issuer cannot refinance any mortgage loan other than
				those qualified bridge, construction or interim financing loans.
(D) An amount equal to $(dollar amount) of
				the purchase price is being paid for personal property, including appliances, a
				piece of furniture or a radio, which under applicable local law is not a
				fixture. Rules prohibit any financing for other than residence and actual
				fixtures.
(E) If the residence is
				prefab housing, a mobile home or any other manufactured housing, it is or will
				be permanently fixed to land, e.g., the mobile home will be fixed in a concrete
				foundation or set on land owned by the mortgagor.
(F) The land being financed with proceeds of
				the mortgage loan, on which the residence is or will be located is required to
				maintain the basic livability of the residence and does not provide a source of
				income to the mortgagor, other than incidentally. The mortgagor does not intend
				to farm any portion of the land being financed. The mortgagor does not intend
				to subdivide the land being financed or to apply for a zoning variance, minimum
				lot size or set back requirements for such purpose. Mortgagor must state the
				size of the lot.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 1 - General Provisions › Section 330:15-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules of this Chapter have been adopted for the purpose of complying with the provisions of the Administrative Procedures Act, 75 O.S., Section 250, et seq. OHFA shall, from time to time as approved by OHFA Trustees, in furtherance of its efforts to provide safe, sanitary and decent housing, implement programs to assist qualified persons in Oklahoma to obtain financing for single family, owner-occupied residences. Such programs may be financed from the proceeds of revenue bonds, notes, mortgage backed securities or other obligations sold by OHFA either on a taxable or tax-exempt basis, or from other sources of money available to OHFA. Implementation of such programs and the issuance of any debt obligations to provide financing therefor which are intended to be tax-exempt shall be subject to provisions of the United States Internal Revenue Code of 1986, as amended and supplemented (referred to herein as the "Code"), and any rules or regulations promulgated or adopted by reference thereunder and the Title 60 Oklahoma Statutes 2011,  Sections  175.1  through  175.54  and  176  through  180.4,  as amended and supplemented, and such other provisions of Oklahoma and federal law and the provisions of the Trust Indenture creating the OHFA as may be applicable to such programs and the financing thereof. Programs shall be of general applicability to eligible borrowers throughout Oklahoma insofar as possible, provided that from time to time OHFA may implement programs to benefit one or more localized areas within the state depending on a showing of need therefor. The structure and details of any specific program shall be determined as needed by the Trustees and/or Staff of OHFA on a case-by-case basis.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 1 - General Provisions › Section 330:15-1-2 - Authority

Current through Vol. 41, No. 20, July 1, 2024
The Agency is authorized by its Trust Indenture, Article IV,
				  Sections (2), (3), (4), (5), (8), (14), and Article VII, Sections (7), (9),
				  (13), (17), and (19) through (43), to plan and implement single family mortgage
				  loan Programs to provide financing by various means for the construction,
				  acquisition, purchase and/or rehabilitation of single family owner-occupied
				  dwellings located within the State. Specific reference should be made to the
				  Agency's current Trust Indenture for the exact provisions for the specific
				  scope of authorization. The Agency is authorized by Title 60, Oklahoma Statutes
				  2011 Sections
				  176,
				  et seq., as amended , to issue its evidences of indebtedness for the purpose of
				  financing housing or housing Programs as an authorized and proper public
				  function for public trusts.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 1 - General Provisions › Section 330:15-1-4 - No discrimination

Current through Vol. 41, No. 20, July 1, 2024
No application for a mortgage loan shall be arbitrarily
				  rejected for residential properties within a specified geographical area of the
				  State because of the location and/or age of the property, or, in the case of a
				  proposed mortgagor, arbitrarily vary the terms of a loan or the application
				  requirements or procedures therefor, or reject a mortgage loan because of the
				  race, color, religion, national origin, ethnic background, age, sex, marital
				  status or disability of any of the applicant(s) for a mortgage loan under a
				  Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-1 - Interest rate and loan structure

Current through Vol. 41, No. 20, July 1, 2024
OHFA shall endeavor to develop Programs in which the
				  interest rate and/or points charged to the borrower will be competitive with,
				  or lower in cost than private financing then reasonably available to the
				  categories of qualifying borrowers to be served. Depending on the particular
				  Program , loans may be either at a fixed or variable rate, may be secured by a
				  first lien or a second lien mortgage, may be for acquisition, construction or
				  substantial rehabilitation, may be for a term of up to thirty-five (35) years,
				  and, to the extent permitted by bond marketing and other applicable
				  constraints, may be assumable by subsequent qualifying borrowers. Each of these
				  factors shall be determined and announced by OHFA Trustees prior to
				  implementation of the particular Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-2 - Total volume of Programs to be set by Trustees

Current through Vol. 41, No. 20, July 1, 2024
Each Program planned, authorized and implemented by OHFA
				  shall be limited in total dollar amount by resolution of the Trustees. Such
				  volume limitation may be changed from time to time by resolution of the
				  Trustees until finalization of the Program . In all cases, the volume
				  limitation provided for by the resolution of the Trustees shall be consistent
				  with any independent limitation upon the size of the Program by reason of any
				  applicable CAP allocation, or similar federal or state limitation.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-3 - Security for each loan

Current through Vol. 41, No. 20, July 1, 2024
Each Program shall provide that the financing to be provided
				  to the borrower shall be a first mortgage loan upon the borrower's single
				  family dwelling, superior in lien priority to all other encumbrances, and shall
				  not be for a second or other mortgage inferior to any other lien or
				  encumbrance, except in Programs specifically authorizing and providing for
				  second mortgages, or except for easements, rights of way, or other similar
				  encumbrances not interfering with the use and enjoyment of the single family
				  dwelling as such, and which do not adversely impact upon the value of the
				  single family dwelling.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-4 - Single family dwellings only

Current through Vol. 41, No. 20, July 1, 2024
Only qualifying dwellings shall be eligible for mortgage
				  loan financing under any Program instituted by OHFA under this Chapter.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-5 - Loan purposes

Current through Vol. 41, No. 20, July 1, 2024
The purposes for which a borrower may obtain a mortgage loan
				  under any Program shall be limited to the following purposes:
(1) Acquisition by the borrower of the single
				family dwelling to be financed by a mortgage loan under the Program .
(2) Replacement of construction
				period loans, bridge loans or similar temporary initial financing for the
				acquisition by borrower of the single family dwelling to be financed by a
				mortgage loan under the Program .
(3) Not for general refinancing of any
				existing loan or to pull out owners equity in the single family dwelling
				proposed to be mortgaged under the Program.
(4) Special Programs for rehabilitation, home
				improvement, home equity loans, and other special purpose Programs , or
				blocking-out of funds in general Programs , directed toward special limited
				housing needs and problems of the public or segments thereof.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-6 - Interest rate

Current through Vol. 41, No. 20, July 1, 2024
Programs may provide for fixed rate or variable rate loans
				  or both, at discretion of Trustees at time of finalization of Program .
				  Specific interest rate(s) for mortgages under each Program shall be set as the
				  Trustees may determine to be necessary under the market conditions prevalent at
				  the time the Program is being developed and as may be determined by the
				  Trustees at discretion of Trustees at time of finalization of the Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-7 - Assumability of mortgage loans

Current through Vol. 41, No. 20, July 1, 2024
Program provisions for assumption of mortgage loans, or that
				  loans are due on sale, for mortgages under each Program shall be set as the
				  Trustees may determine to be necessary under the market conditions prevalent at
				  the time the Program is being developed and as may be determined by the
				  Trustees in their discretion at the time of finalization of the Program . A
				  Program may be changed after the commencement of a Program to provide for
				  assumption of mortgage loans where the Program did not allow for assumption,
				  provided that all necessary parties agree to such change, opinion of bond
				  counsel advising of such changes is not in violation of the bond indenture of
				  the Program , and that all necessary steps are taken as may be necessary to
				  amend the Program Documents . In all Programs providing for assumptions of
				  mortgage loans, all assuming parties must qualify as a borrower under the terms
				  and conditions of the Program in question, except that if the Program is
				  intended to be tax-exempt under the Code, then the qualifications of the
				  assuming borrower must be sufficient to at least satisfy the requirements of
				  the Code in regard to such assumption.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-8 - Maximum mortgage loan interest rate

Current through Vol. 41, No. 20, July 1, 2024
Maximum interest rate on all mortgage loans under any first
				  mortgage Program shall be limited to 12% per annum and under any second
				  mortgage Program shall be limited to 15% per annum. The actual interest rate
				  for mortgages under each Program shall be set as the Trustees may determine to
				  be necessary under the market conditions prevalent at the time the Program is
				  being developed and as may be determined by the Trustees at discretion of the
				  Trustees at time of finalization of the Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-9 - Eligible dwellings

Current through Vol. 41, No. 20, July 1, 2024
Dwellings eligible for mortgage loans under any Program must
				  meet the following minimum requirements, in addition to the specific
				  requirements of the Program specified in the Program Documents :
(1) Must be located entirely within the
				State;
(2) Must be owner-borrower
				occupied, unless approval has been requested and granted by OHFA for a
				temporary rental or lease of the dwelling permissible under the Code. Such
				request must be in writing and in a form acceptable to OHFA and must
				demonstrate extenuating circumstances warranting such approval;
(3) Must be a single family dwelling;
(4) May be manufactured housing,
				condominium units, and planned unit developments (PUDs) provided that:
(A) Manufactured housing must be permanently
				affixed to real property owned by the borrower.
(B) All subject to restrictions imposed under
				the Code.
(C) All subject to
				volume limitations for such housing types for the particular Program to be
				fixed by Trustees at time of finalization of the Program .
(D) If the mortgage loan is to be insured by
				FHLMC, FNMA, FHA, VA, GNMA, PMI or similar coverages, the dwelling must satisfy
				the applicable requirements of such insurer.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-10 - Maximum sale price

Current through Vol. 41, No. 20, July 1, 2024
Maximum sale price and/or appraised value of single family
				  dwellings to be mortgaged under a Program shall be fixed by Trustees at time of
				  finalization of the Program in question. In addition, such maximum sale price:
(1) May be further restricted by
				provisions of the Code;
(2) May be
				set at different amounts for various parts of the State, provided that such
				different amounts shall be based upon an objective standard generally accepted
				in the housing industry in the State as identifying the then current or recent
				per capita income and/or housing costs for the State and/or the various
				localities within the State;
(3)
				Target areas or particular types of properties may be designated for special
				treatment under a Program , as may be authorized or required under the Code, or
				as authorized or required by the final terms of the Program Documents .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-11 - Program loan origination periods

Current through Vol. 41, No. 20, July 1, 2024
In order to best serve the citizens of the State, Mortgage
				  Loans shall be originated on a continuous basis and allocated to the Program as
				  applicable. The actual period of time for the use of Program funds or the
				  origination of mortgages under each Program shall be set as the Trustees may
				  determine to be necessary under the market conditions prevalent at the time the
				  program is being developed and as may be determined by the Trustees at the
				  discretion of the Trustees at time of finalization of the
				  Program.
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-12 - Loan origination underwriting standards

Current through Vol. 41, No. 20, July 1, 2024
(a) Loans for all Programs shall be
				underwritten by use and application of the then current mortgage loan
				underwriting criteria and/or standards of one or more of the following:
(1) Federal Home Loan Mortgage Corporation
				(FHLMC)
(2) Federal National
				Mortgage Association (FNMA)
(3)
				Federal Housing Administration (FHA)
(4) Veterans Administration (VA)
(5) USDA Rural Development (RD)
(6) Such other standards as may be set by the
				terms of a specific Program .
Oklahoma Administrative Code › Title 330 - Oklahoma Housing Finance Agency › Chapter 15 - Single Family Mortgage Loan Program › Subchapter 3 - Single Family Mortgage Loan Programs › Section 330:15-3-13 - Borrower's insurance requirements

Current through Vol. 41, No. 20, July 1, 2024
The actual insurance requirements for each Program and for
				  the origination of mortgages under each Program shall be set as the Trustees
				  may determine to be necessary under the market conditions prevalent at the time
				  the Program is being developed, and as may be determined by the Trustees in
				  their discretion at the time of finalization of the Program . Such insurance
				  requirements shall be at least as required by the referenced underwriting
				  standards adopted for the Program in question. By way of illustration, and not
				  as a limitation, such insurance requirements may include one or more of the
				  following types of insurance on a mortgage loan :
(1) Mortgage Insurance - FMLMC, FNMA, FHA,
				VA, RD and/or Private Mortgage Insurance (PMI)
(2) Hazard Insurance
(3) Flood Insurance, as required in
				accordance with the Federal Emergency Management Agency (FEMA) Maps and/or
				Mortgage Insurer requirements.