SECTION 330:15-5-2. Fees and expenses

(a)   Program specific. Each Program shall specify the fees and expenses to be paid by borrowers. By way of illustration, and not as a limitation, such fees and expenses to be paid by borrowers may include one or more of the following:

(1)   Application fees. Borrowers may be required to pay an application fee to make application for a Mortgage Loan under any Program. Application fees shall be set for each Program by the Trustees in their discretion at the time of finalization of the Program.

(2)   Other fees and expenses. Borrowers may be required to pay fees and expenses in connection with the processing of borrowers' application and requested loan for any Program. By way of illustration, and not as a limitation, such fees and expenses which may be required to be Program in a Program may include one or more of the following:

(A)   Survey fees

(B)   Abstracting and title examination and/or title insurance fees and expenses

(C)   Credit checks

(D)   Inspection fees and expenses

(i)   habitability

(ii)   structural

(iii)   termite and insect/rodent infestation

(E)   Employment/income verification fees/expenses

(F)   Insurance escrows

(G)   Document preparation fees

(H)   Loan closing fees

(I)   Tax escrows

(J)   Utilities escrows

(K)   Mortgage insurance premiums or loan guarantee fees

(L)   Program fee

(M)   Loan origination fee

(N)   Such other fees and expenses as may be required by the Program.

(b)   Requirement Set by Trustees and/or Staff. The requirements for the payment of any of the particular fees and expenses in the Program and for the origination of mortgages under the Program shall be set as the Trustees may determine to be necessary under the market conditions prevalent at the time the Program is being developed and as may be determined by the Trustees and/or Staff in their discretion at the time of finalization of the Program.

(c)   Borrower Eligibility. Any additional specific guidelines or criteria for eligibility of borrowers shall be determined and announced by OHFA Trustees and/or Staff for each specific Program to be implemented. Factors which may be considered, depending on the particular Program, include family income, family size, location of the residence to be financed (whether in a target or nontarget area) and whether the buyer is a first-time home buyer.

(d)   Preference for low income families. OHFA shall endeavor to make the benefits of its Programs available to all qualifying persons OHFA will make its Programs available to all qualified applicants on a first-come, first-served basis, and shall endeavor to make loan funds available across as wide a geographical distribution in Oklahoma as possible.

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