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 Oklahoma Administrative Code (Last Updated: March 11, 2021)
 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  

Latest version.
  • (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