Montana Title 90. Planning, Research, and Development § 90-6-605. Rules to be adopted by board

(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.

(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.