The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1 et seq. of this code, including rules: (1) Specifying qualifications for financial institutions to participate in the program; (2) Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria; (3) Specifying the statewide allowable purchase price of a home for the purposes of the program; (4) Specifying the security required for a mortgage loaan financed by the program; (5) Specifying the qualifications of a first-time homebuyer; (6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program; (7) Governing the loan application process; (8) Specifying the maximum oreigination fee that may be charged by a participating financial institution; (9) Specifying the maximum servicing fees that may be charged by the fund; and (10) Other loan conditions determined to be necessary by the fund.
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