Okla. Admin. Code § 330:10-3-2

Current through Vol. 42, No. 7, December 16, 2024

Section 330:10-3-2 - Target area criteria

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).

(2) Target areas include the areas defined as Targeted areas, as set forth in the compendium of maps and charts to be provided.

(A) Mortgagor may have owned a home within last three (3) preceding years.

(B) House price must not exceed 110% of the average for the area, in accordance with 330:10-1-2(d).

(C) Mortgagor meets the Oklahoma Housing Financing Agency County "Maximum income criteria" (plus 10% of the base limitation or unadjusted income limitation), in accordance with 330:10-1-2(e). Example: If buyer contracts to purchase a home within an approved target area, then, the applicable County maximum income limitation may be increased by an amount equal to 10% of the established maximum income figure for the County. Adjustments for dependents and medical expenses, or otherwise, shall be added to the adjusted figure.

Okla. Admin. Code § 330:10-3-2