Following is the complete text of a notice I recently received about bond money available to Oklahomans.  If you are buying real estate in Oklahoma, you should contact your local lender for more information.  If they are unable to help you, contact Chris Hodges at Wells Fargo Home Mortgage chris.s.hodges@wellsfargo.com or by phone at 918-232-3484.  Many rural areas are targeted and unlike several previous bond programs, the target areas are not just for first time homebuyers or those with low income.  Check it out!

September 27, 2007
2007-IV (D)
Program Notice
Final
OKLAHOMA HOUSING FINANCE AGENCY
HOMEOWNERSHIP LOAN PROGRAM
PROGRAM NOTICE
PROGRAM INSTALLMENT 2007-IV (D)
Start Date: Tuesday, October 2, 2007
*Information in (parenthesis) is subject to change.
The sections of this Program Notice marked with an asterisk (*) are general summaries of, do not amend,
and are not substitutes for, the specific detailed terms and conditions contained in the Mortgage
Origination Master Agreement dated as of September 1, 2000 (the "Origination Agreement"), which
should be reviewed carefully by the representatives of any Lender considering participating in Program
Installment 2007-IV as an Originating Lender or Correspondent Lender. The sections not so marked
constitute supplemental information regarding this Program Installment.
GENERAL INFORMATION
Distribution to
Approved
Lenders
This Program Notice is provided to each Financial Institution known by Oklahoma
Housing Finance Agency ("OHFA") to be doing business in the state and believed
by OHFA to have the necessary qualifications to participate as an Originating
Lender, and each Financial Institution previously approved by OHFA for
participation as an Originating Lender or Correspondent Lender (hereinafter
collectively referred as "Lenders") in the Homeownership Loan Program (the
"Program").
Actions by
Approved
Lenders
To be eligible to request Reservations of funds and originate Mortgage Loans under
this Program Installment, all previously approved Lenders must (a) pay to OHFA
the $400 Program Year Participation Fee, and (b) submit to OHFA an updated
Attachment to Exhibit A to the Offer to Participate if there are any changes (location
address, phone numbers, contact names, etc.) relating to Lender's originating
offices where Mortgage Loan applications may be taken for processing.
How to
Participate if
not Yet
Approved
Financial institutions that desire to be approved by OHFA for participation in the
Program may obtain the form of an Offer to Participate and a copy of the
Origination Agreement to complete and return to OHFA, by contacting Lee Ann
Smith at (405) 419-8243. A non-refundable First Time Participation Fee of $500
must be submitted with the Offer to Participate and the One-Time Program Year
ApplicationFee of $400. If participating after July 1st of the Program Year, the
Program Application fee is $200.
2007-D Program Notice 1
2007-D Program Notice 2
PROGRAM INSTALLMENT 2007-IV (D)
Program
Operation
Generally
OHFA issues a Series of its bonds and deposits the proceeds with the Bond Trustee.
Prospective Mortgagors submit applications for Mortgage Loans to Lenders that have
been approved by OHFA for participation in the Program.
Lenders reserve funds with OHFA Internet Reservation system, process and underwrite
the Mortgage Loans (No Contract Underwriting), confirm the Program eligibility of the
Mortgagor and the Residence being purchased, close the Mortgage Loans with their own
funds, and deliver them to the designated Master Servicer for purchase.
The Master Servicer purchases and securitizes the Mortgage Loans by pooling them to
create Mortgage Backed Securities guaranteed by GNMA, FNMA or FHLMC. When
issued, these Mortgage Backed Securities are delivered to the Bond Trustee for purchase
with the proceeds of OHFA's bonds.
Sizing of
Program
Installment
2007-IV
OHFA is expecting ($40,000,000) to be available to purchase GNMA/FNMA/FHLMC
Certificates backed by Mortgage Loans under this Program Installment.
This sizing is based upon estimates of loan demand, legal limitations on the principal
amount of Bonds issuable by OHFA and limitations on the amount of OHFA funds
available to be committed at this time.
Applications
for Mortgage
Loans
Applications for Mortgage Loans under the Program may be taken prior to the Start Date
at the Lender's risk.
Start Date for
Reservations
The Start Date is the first day on which Mortgage Loan funding Reservation requests may
be submitted to OHFA.
The Start Date is to be October 2, 2007 at 10:00AM CST.
The actual Start Date will be stated in the Final Addendum to this Program Notice
provided to each Lender after the Rate Setting Date for the Bonds/Mortgage Loans.
Other Key
Dates
The estimated dates for each of the following deadlines are stated in the Preliminary
Addendum to this Program Notice.
Actual dates for each of the following deadlines are (a) expected to be within five Business
Days of the estimated dates listed in the Preliminary Addendum to this Program Notice,
and (b) will be stated in the Final Addendum to this Program Notice provided to each
Lender after the Rate Setting Date for the Bonds and the Mortgage Loans.
Compliance Package Final Delivery Date: The last day on which a Compliance
Package may be received for processing by OHFA.
Final Closing Date: The last day on which a Mortgage Loan may be closed.
2007-D Program Notice 3
Other Key
Dates Con't.
Final Sale Date: The last day on which closed Mortgage Loans may be purchased from
an Originating Lender by the Master Servicer for pooling and securitization.
Final Certificate Issuance Date: The last day on which GNMA/FNMA/FHLMC
Certificates may be issued to securitize Mortgage Loans originated under this Program
Installment.
Final Certificate Acquisition Date: The last day on which GNMA/FNMA/FHLMC
Certificates will be purchased by the Bond Trustee from the Master Servicer.
Borrower
Eligibility*
First Time Homebuyers-* First Time Homebuyers are those which have not had an
ownership interest in their primary residence at any time during the three years preceding
their date of application for a Mortgage Loan under the Program.
Exception 2007: Veteran's Tax Relief and Health Care Act.
All Loans must also be made to First Time Homebuyers unless the Mortgagor is obtaining
a Qualified Rehabilitation Loan or a Mortgage Loan on a Residence located in a Targeted
Area, or is using the proceeds of a Mortgage Loan to pay off a Bridge Loan.
OHFA Shield & OHFA 4Teachers-* These funds will not be available for the 2007-IV (D)
Bond Issue as the 2007 Program Year allocation has been utilized.
Income Restrictions-* For All Program Loans the Annualized Monthly Income of the
Mortgagor may not exceed the Maximum Permissible Family Income per Exhibit H-1 to
the Origination Agreement. These income limits are based on IRS Code restrictions
relating to Qualified Mortgage Bond programs.
Primary Residence-* Each Mortgagor must intend to occupy the Residence as its
principal residence within sixty (60) days of the closing date of the Mortgage Loan.
Ineligible Borrower-* Any applicant for a Mortgage Loan under the Program is deemed to
be an Ineligible Borrower if; (i) such applicant is an employee, officer, director or trustee of
the Issuer (OHFA), the Trustee (Bank of Oklahoma), the Servicer or Lender through which
the applicant is applying or has applied for a Mortgage Loan, or (ii) the applicant or his or
her spouse is related by blood or adoption to any employee, officer, director or trustee of
any of said entities. Non-Dependent children of Issuer excluded.
Residence
Eligibility*
Location-* All Residences purchased with Mortgage Loans under the Program must be
located within the State of Oklahoma.
Type-* Previously occupied, existing (resale) homes, as well as newly constructed homes
may by purchased with Mortgage Loans under the Program.
Configuration-* Single unit dwellings only; however, such dwellings may be detached or
attached (as in a townhouse, row house or manufactured home).
Form of Ownership-* Fee simple or condominium.
Purchase Price Limits-* For Residences purchased with Market Best, 1st Gold, Future
Foundation or Manufactured Housing Loans, the Purchase Price may not exceed the
Maximum Permissible Acquisition Costs per Exhibit H-2 to the Origination Agreement.
2007-D Program Notice 4
OHFA
Advantage
Loans
Generally*
Purpose-* To acquire new or existing Residences, or to replace a "Bridge Loan" (see
"Refinancing", below).
Interest Rate-* To be set by OHFA. Lenders will be notified by receipt of the Final
Program Notice Addendum for 2007-D and fax prior to opening date of program.
Insurance/Guaranty/Securitization-* FHA (including FHA Sec. 184 for Residences on
Indian Trust land)/ VA/ USDA-RD loans securitized by GNMA or conventional loans
securitized by FNMA/FHLMC.
Format-* 30 year term, with level monthly payments.
Security-* First lien.
Refinancing-* With the exception of Qualified Rehabilitation Loans, no Mortgage Loan
may replace an existing mortgage loan except for construction period bridge loans or
similar temporary financing having an original term of 24 months or less.
Underwriting Standards-* All loans must meet standard underwriting guidelines, credit,
eligibility, LTV, appraisal standards, PMI requirements and documentation for the
particular loan product. All borrower contributions toward the purchase must meet product
guidelines and underwriting standards.
OHFA Advantage accepts the following loan products: FHA, VA, USDA-RD, HUD 184,
FNMA and FHLMC.
FNMA:
• Fannie Mae Standard 5%, 10%, 15% and 20% down
• Community Solutions
• Home Choice
• MyCommunityMortgage
** Expanded Level 1 & 2 Eligible/Ineligible***
***If any of the listed recommendations appear in the Risk/Eligibility section of the
Desktop Underwriter® Findings, they have been waived, and the Loan can be
submitted to US Bank Home Mortgage - MRBP for purchase.
1) This case is ineligible because My Community Mortgage® loans with an
EA-II, EA-III or RWC/IV recommendation are not eligible according to the
Desktop Underwriter My Community Mortgage® guidelines.
2) Based on the data entered, the total amount of interested-party
contributions exceeds the maximum allowable contributions of 3.0 percent for
the CLTV. In order for the loan to be eligible for delivery, the amount paid by
interested parties that exceeds the maximum allowable contributions must
meet the requirements stated in the Selling guide, Part X, Chapter 6, Section
602.
If the following recommendation appears in the Risk/Eligibility section of the Desktop
Underwriter® Findings, the Loan can not be submitted to US Bank Home Mortgage -
MRBP for purchase.
1) This case is ineligible for delivery as a My Community Mortgage® loan
because it does not meet the specific minimum credit standards for My
Community Mortgage®.
2007-D Program Notice 5
OHFA
Advantage
Loans
Generally
Con't*
FHLMC:
• Freddie Mac Standard 5%, 10%, 15% and 20% down
• Home Possible 97% and 100%
• Home Possible Neighborhood Solutions 97% and 100%
Additional Underwriting Standards-*
• 10 Acres limit on all loan products
• Multi-Sections (doublewides) only, on FHA & VA loan products only
• No Conventional Flex products allowed
• No Seller Based DPA allowed on any products
• Usage of HOME Funds allowed on Market Best Only
• Second Mortgage NOT allowed
• Cash Back at Closing on ALL Bond Loans is limited to: Appraisal, Earnest Money,
Credit Report, & Code Compliance Fee
• No Contract Underwriting
Originating Lenders are required to repurchase defective Mortgage Loans.
Assumability-* A Mortgage Loan may be assumed by a subsequent homebuyer only if
all eligibility requirements of the new Mortgagor, the Residence, the Mortgage Loan and
all other Program requirements are satisfied at the time of assumption as if the Mortgage
Loan was being originated for the first time. All assumptions must be submitted to OHFA
for Code Compliance Review and written approvals by all applicable parties must be
obtained prior to Closing.
Prepayment-* May be prepaid in whole or in part at any time without prepayment
penalties.
Application of
Assistance
Payments
The application of Assistance Payments provided in connection with 1st Gold Loans, is to
be determined after taking into consideration the extent to which the seller of the
residence is obligated to pay all or any portion of the closing costs as provided in the
related real estate sales contract.
Assistance Payments are to be applied according to the priorities listed below:
(1) First, toward meeting any remaining minimum down payment requirement
applicable to the type of Mortgage Loan being originated;
(2) Second, toward "normal and customary" closing costs (which may not be
increased in anticipation of the availability of Assistance Payments) as provided
by the Origination Agreement;
(3) Third, toward prepaid taxes and insurance and related escrow contributions
required to be paid at closing; and
(4) Fourth, toward reduction of the Mortgage Loan principal balance
Types of
Mortgage
Loans
Market Best, Future Foundation & Manufactured Housing Program Loans (Regular
Loans) offer a low interest rate to meet the needs of borrowers who require lower monthly
payments to qualify for a home loan.
1st Gold Program Loans (Assisted Loans) are intended to meet the needs of borrowers
who can qualify for a home loan having a higher monthly payment, but who need a source
of funds to cover part of the down payment and/or closing costs required at loan closing.
Interest rates usually are 0.75% to 1.00% higher than a Market Best Loan; however, the
Mortgagor receives from the Lender at closing cash Assistance Payment equal to 3.00%
of the Mortgage Loan principal amount.
2007-D Program Notice 6
Program Loan
Interest Rates
and Terms
Mortgage Loan
Characteristics
Market Best
Future
Foundation
Manufactured
Housing
1st Gold
Interest Rate 6.05% 6.05% 6.05% 6.50%
Assistance -0- -0- -0- 3.00%
Origination Fee -0- -0- -0- -0-
Discount Points -0- -0- -0- -0-
Amortization Term 30 year 30 year 30 year 30 year
Principal Amount $8,000,000 $1,000,000 $1,000,000 $32,000,000
Set Asides of
Lendable
Proceeds
Federal Targeted Areas Set Asides- $3,716,800 of lendable proceeds will be set aside
for up to one year to fund Mortgage Loans on Residences in the Targeted Areas set forth
in Exhibit H-3 (Rev 3-26-2003) to the Origination Agreement.
State Targeted Area Set Aside- $6,504,400 of lendable proceeds will be set aside for 3
months for reservations in 75 non-metropolitan counties (i.e. all counties other than
Oklahoma and Tulsa).
Future Foundation Loans - (New Construction) - $1,000,000 for the funding of Market
Best Program Loans (Regular Loans) will be available for forty-five (45) days from
opening date which is November 19, 2007 for first-come, first-served reservations on
behalf of borrowers purchasing homes which are to be built in the State of Oklahoma (all
77 Counties). These reservations will benefit from a seven (7) month loan closing
deadline to accommodate proposed construction.
Manufactured Housing - (New Construction) - $1,000,000 for the funding of Market
Best Program Loans (Regular Loans) will be available for forty-five (45) days from
opening date which is November 19, 2007 for first-come, first-served reservations on
behalf of borrowers purchasing homes which are to be built in the State of Oklahoma (all
77 counties). These reservations will benefit from a seven (7) month loan-closing deadline
to accommodate proposed construction. Multi-Sections (doublewides) Only, allowed with
FHA & VA being the recommended underwriting.
NOTE: Both Future Foundation and Manufactured Housing extended (7 months) closing
date is May 16, 2008.
Continuous Rural Origination Policy- Following the expenditure of funds, under the
Non-Metro Set-Aside, OHFA will continue to accept reservation requests for Program
Loans on eligible residences located in the following 57 counties:
Adair, Alfalfa, Atoka, Beaver, Blaine, Bryan, Caddo, Carter, Choctaw, Cimarron, Coal,
Cotton, Craig, Custer, Delaware, Dewey, Ellis, Garfield, Grady, Grant, Greer, Harmon,
Harper, Haskell, Hughes, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Latimer, Lincoln,
Love, McCurtain, McIntosh, Major, Marshall, Mayes, Murray, Noble, Nowata, Okfuskee,
Okmulgee, Osage, Ottawa, Pawnee, Payne, Pontotoc, Pushmataha, Roger Mills,
Seminole, Texas Tillman, Washington, Washita, Woods, and Woodward.
The objective of this continuous origination policy is to allow eligible residents of the 57
counties to access OHFA funds whenever they are in the market to finance the purchase
of an existing or newly constructed residence. Only Market Best and First Gold Loans will
fund under OHFA continuous origination policy. Lendable proceeds will be limited to
$2,000,000, divided equally between both programs.
2007-D Program Notice 7
MORTGAGE LOAN FUNDING RESERVATIONS
Reservation
and Allocation
Process
Subject to the special set-asides described above, lendable bond proceeds are reserved
on a strict first-come, first-serve basis through Reservation requests submitted via OHFA's
internet-based reservation system.
The web site address for OHFA Online is www.ohfa.org and Lenders with OHFA
approved access may obtain detailed instructions regarding the submission of
Reservation requests.
Reservation
Term and
Expiration
A Mortgage Loan must close within forty-five (45) days following the related Reservation
Date, which is November 19, 2007.
*Excluding Future Foundation and Manufactured Housing.
If a Program Loan has not closed within 45 days from reservation date, OHFA will
advised the lender in writing (via email) of the following:
The Reservation of funds will cancel and the Loan will not fund by OHFA unless the
Lender pays (within 5 Business Days of the OHFA Notice) a $700.00 Extension Fee.
The Extension Fee refunded, if the Loan closes by the Final Closing Date. An executed
HUD I Settlement Statement and Declaration of Restrictive Covenant will be required to
document the closing date and provide the basis for any refund of the Extension Fee.
*Future Foundation and Manufactured Housing must close within 7 months of the
program start date. Extension fee is not required on these two loan products.
COMPLIANCE REVIEW
Code
Compliance
Fee
The Lender will charge the Mortgagor a $75.00 Code Compliance Fee, paid by the
Mortgagor (or by the Lender or Seller on behalf of the Mortgagor). The Fee will be
included in the Code Compliance package and must be a corporate check or money order
paid to OHFA. OHFA requires a self-addressed, stamped envelope submitted with file for
return of Approval Letter.
Tax Service
Fee
All bond loans have a Tax Service Fee of $65.00.
Compliance
Review
Process*
The compliance package will be assembled by the Lender for submission, review, and
approval by OHFA:
(1) For all types of Mortgage Loans, prior to purchase of the Mortgage Loan by the
Master Servicer.
(2) For all Loans, documents dated "Revised 2007" will be required.
(3) Copy of original, signed Code Compliance Documents only for review (original bond
documents shipped to US Bank MRB with Purchase File).
Closing The Originating Lender will fax to OHFA, within 5 days of closing:
• HUD 1 Settlement Statement signed by buyer (s) and seller (s).
• Copy of the Declaration of Restrictive Covenant, signed by the lender and all
buyers.
2007-D Program Notice 8
Certificate
Holder
All GNMA and FNMA Certificates backed by Mortgage Loans originated under this
Program Installment will be purchased and held by the Trustee.
TRUSTEE / MASTER SERVICER DESIGNATIONS
Trustee
Bank of Oklahoma serves as Trustee, Registrar and Paying Agent with respect to OHFA
bonds relating to this Program Installment.
Master
Servicer
The Master Servicer for this Program Installment will be:
• U.S. Bank Home Mortgage, MRBP Division, 17500 Rockside Road, Bedford, OH,
44146-2099, (800) 562-5163.
The primary contact for this Program Installment is:
• Rodney Martin, Vice President Operations, (216) 475-8236
• E-Mail address: rodney.martin2@usbank.com.
LENDER AND MASTER SERVICER COMPENSATION
Originating
Lenders
The Lender will receive a 0.25% Servicing Release Fee and 1.50% from OHFA paid to
the Lender by the Master Servicer at the time each Mortgage Loan is purchased from the
Lender. Total fees paid to participating Lenders are 1.75%.
Mortgage
Loan
Purchase
Price
The purchase prices for Mortgage Loans delivered to the Master Servicer for purchase
on/before the Final Sale Date are set forth in the Addendum to Program Notice.
Penalty for
Late Delivery
of Mortgage
Loans*
The purchase prices stated above apply only to Mortgage Loans purchased by the Final
Sale Date. OHFA is not obligated to cause the purchase of Mortgage Loans after the Final
Sale Date. Mortgage Loans accepted by the Master Servicer for purchase after the Final
Sale Date will be subject to a late delivery penalty in the form of a purchase discount
equal to 0.25% per month (or fraction thereof).
Certificate
Purchase
Prices
GNMA/FNMA Certificates delivered to the Trustee for purchase on or before the Final
Certificate Acquisition Date are purchased at the prices set forth in the Addendum to this
Program Notice.
Servicing
Fee
The Master Servicer will receive a Servicing Fee equal to 0.44% per annum on GNMA
Certificates and 0.25% per annum on FNMA Certificates.
2007-D Program Notice 1
2007-IV (D)
Draft
Oklahoma Housing Finance Agency
Homeownership Loan Program
Program Installment 2007-IV (D)
PROGRAM NOTICE
* Information in (parenthesis) is subject to change.
INTEREST RATES, FEES AND PASS-THROUGH RATES
Mortgage Loan
Stated Rates
Market Best Loans
Future Foundation Loans
Manufactured Housing Loans
1st Gold Loans
6.05%
6.05%
6.05%
6.50%
Guaranty Fee
GNMA Certificates
FNMA Certificates
0.06%
0.25%
Servicing Fee
GNMA Certificates
FNMA Certificates
0.44%
0.25%
Pass-Through
Rate
Market Best Loans
Future Foundation Loans
Manufactured Housing Loans
1st Gold Loans
5.55%
5.55%
5.55%
6.00%
TIMETABLE / KEY DATES
Rate Setting Date 09/26/07
Bond Issuance Date 10/23/07
Start Date 10/02/07
Reservation Deadline Date Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
02/11/08
02/11/08
11/16/07
11/16/07
Compliance Package
Final Delivery Date
Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
02/11/08
02/11/08
05/02/08
05/02/08
Final Closing Date Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
02/15/08
02/15/08
05/16/08
05/16/08
Final Sale Date
(Loan Purchased by Master
Servicer)
Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
02/29/08
02/29/08
05/30/08
05/30/08
2007-D Program Notice 2
Final Certificate Issuance Date
(Last Pooling Date)
Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
03/14/08
03/14/08
06/13/08
06/13/08
Final Certificate Acquisition Date
(MBS Delivery)
Unrestricted Pool
State Targeted Area Set-Aside
Future Foundation
Manufactured Housing
03/21/08
03/21/08
06/20/08
06/20/08
Final Certificate Maturity Date All Mortgage Loan Types 11/01/39
FEES, DISCOUNTS, AND PURCHASE PRICES
First Time Participant Fee One-Time Fee for New Participants $500.00
Program Year Participation Fee One-Time Fee for All Approved
Participants $400.00
Participation Fee after July 1 Payable by Lenders Participating after
July 1 $200.00
Code Compliance Fee All Mortgage Loans $75.00
Tax Service Fee All Mortgage Loans $65.00
Mortgage Loan Origination Fee All Mortgage Loans 0%
Mortgage Loan Discount All Mortgage Loans 0%
Servicing Release Fee and OHFA All Mortgage Loans 1.75%
Loan Closing Deadline
Extension Fee
Fee is refunded if closed by the Final
Closing Date or the Extended Closing
Date
$700.00
MORTGAGE LOAN PURCHASE PRICES PRICE AS % OF
PAR
Mortgage Loan Purchase Price*
(Note 1)
Market Best Loans
Future Foundation Loans
Manufactured Housing Loans
1st Gold Loans
101.75%
101.75%
101.75%
104.75%
Prices apply only to Mortgage Loans and Certificates purchased by Final Sale Date. OHFA is not obligated to
cause the purchase of Mortgage Loans after the Final Sale Date. Mortgage Loans that are accepted by the
Master Servicer for purchase after the Final Sale Date will be subject to a late delivery penalty in the form of a
purchase discount equal to 0.25% per month (or fraction thereof).

Beginning Friday, November 16, 2009, the Tulsa Realtors Assn., of which I am a member, is adding a public forum for discussion of real estate related subjects.  If anyone here is interested it is an open forum.  The forum can be accessed here:  http://publicforum.tulsarealtors.com/  They have also added a cool site:  http://www.TulsaOpenHouse.com as a marketing tool to get out the word on local open houses.