SECTION 330:10-13-3. Mortgage eligibility requirements

  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.