90-6-605. Rules to be adopted by board. (1) The board shall adopt rules pursuant to the Montana Administrative Procedure Act necessary for administration of the program, including rules:
(a) specifying which financial institutions may be participating financial institutions;
(b) 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 exceptions to those criteria;
(c) specifying the statewide allowable purchase price of a home for the purposes of the program;
(d) specifying the security required for a mortgage loan financed by the program;
(e) providing the legislative auditor with access to records of participating financial institutions regarding loans made pursuant to this part;
(f) governing the loan application process;
(g) specifying the maximum servicing fees and origination fee that may be charged by a participating financial institution; and
(h) other loan conditions determined to be necessary by the board.
(2) The board may adopt rules pursuant to the Montana Administrative Procedure Act changing any of the following provisions if the board determines a change is necessary to carry out the purposes of the program:
(a) the definition of eligible veteran in 90-6-602;
(b) the security for a loan provided in 90-6-604; and
(c) the requirements for minimum participation for the eligible veteran provided for in 90-6-604.
History: En. Sec. 5, Ch. 349, L. 2011.