Okla. Admin. Code § 330:15-3-9

Current through Vol. 42, No. 4, November 1, 2024

Section 330:15-3-9 - Eligible dwellings

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.

(5) Must be reasonably expected to become the principal residence of the mortgagor within a reasonable time, not to exceed sixty (60) days, after the loan is closed.

(6) Must not be used in a trade or business, including farming or raising any plants or animals for profit, other than incidentally.

(7) Property may not be subdivided.

(8) Property may not be the subject of a zoning, minimum lot size or set back requirements variance for the purpose of obtaining the loan, or for divided sale, rental or lease of any portion of the property.

(9) Must not be acquired or used, in conjunction with a tax-exempt Program or qualifying tax-exempt Mortgage Loan, in whole or in part, by the mortgagor as an investment property, rental property, or as a recreational, vacation or second home; provided, however, that limited rentals/leases of the dwelling may be permitted by OHFA upon request as provided herein.

(10) Real estate owned by any of the Participating Lenders , Trustee banks or OHFA may be eligible if otherwise qualified or not prohibited by law.

Okla. Admin. Code § 330:15-3-9

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 1/1/2021