SECTION 330:15-3-3. Security for each loan

Latest version.

Each Program shall provide that the financing to be provided to the borrower shall be a first mortgage loan upon the borrower's single family dwelling, superior in lien priority to all other encumbrances, and shall not be for a second or other mortgage inferior to any other lien or encumbrance, except in Programs specifically authorizing and providing for second mortgages, or except for easements, rights of way, or other similar encumbrances not interfering with the use and enjoyment of the single family dwelling as such, and which do not adversely impact upon the value of the single family dwelling.

[Source: Amended at 37 Ok Reg 1709, eff 1-1-21]

                    
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