Section 31-18F-6 - Rules to be adopted by fundThe fund shall promulgate rules, including emergency rules, if necessary, in accordance with § 29A-3-1et seq. of this code, including rules:
(1) Specifying qualifications for financial institutions to participate in the program;(2) Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria;(3) Specifying the statewide allowable purchase price of a home for the purposes of the program;(4) Specifying the security required for a mortgage loan financed by the program;(5) Specifying the qualifications of a first-time homebuyer;(6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program;(7) Governing the loan application process;(8) Specifying the maximum origination fee that may be charged by a participating financial institution;(9) Specifying the maximum servicing fees that may be charged by the fund; and(10) Other loan conditions determined to be necessary by the fund. Added by 2024 Acts, ch. TBD (SB 261), eff. 6/6/2024.