SECTION 330:15-3-5. Loan purposes

  The purposes for which a borrower may obtain a mortgage loan under any program shall be limited to the following purposes:

(1)   Acquisition by the borrower of the single family dwelling to be financed by a mortgage loan under the program.

(2)   Replacement of construction period loans, bridge loans or similar temporary initial financing for the acquisition by borrower of the single family dwelling to be financed by a mortgage loan under the program.

(3)   Not for general refinancing of any existing loan or to pull out owners equity in the single family dwelling proposed to be mortgaged under the program.

(4)   Special programs for rehabilitation, home improvement, home equity loans, and other special purpose programs, or blocking-out of funds in general programs, directed toward special limited housing needs and problems of the public or segments thereof.