The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1 et seq. of this code, including rules:

1. (1) Specifying qualifications for financial institutions to participate in the program;
2. (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. (3) Specifying the statewide allowable purchase price of a home for the purposes of the program;
4. (4) Specifying the security required for a mortgage loan financed by the program;
5. (5) Specifying the qualifications of a first-time homebuyer;
6. (6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program;
7. (7) Governing the loan application process;
8. (8) Specifying the maximum origination fee that may be charged by a participating financial institution;
9. (9) Specifying the maximum servicing fees that may be charged by the fund; and
10. (10) Other loan conditions determined to be necessary by the fund.