SECTION 330:25-3-2. Structure of mortgage 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, located within Oklahoma ("State"), and 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 requirements of Government National Mortgage Association ("GNMA") and/or Federal National Mortgage Association ("Fannie Mae") and in accordance with a Mortgage Origination Agreement as hereafter defined. 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). Each mortgage loan will have a fixed rate of interest and will have a term of not more than thirty (30) years. Each mortgage loan shall be and remain insured by the Federal Housing Administration (FHA) or guaranteed by the Veteran's Administration (VA). The 1987 Program may provide for maximum loan-to-value (LTV) ratios.