(2) To participate in an employer assisted forward commitment mortgage program, an employer must be a corporation, partnership, or sole proprietorship which maintains an office in the state and must satisfy the requirements set forth in guidelines established by the agency.
(3) For any employer assisted forward commitment mortgage, the maximum loan-to-value ratio shall be established by the agency, provided that such loan shall not exceed one hundred percent of the appraised value of the mortgaged premises. Reasonable closing costs for the loan may be amortized over the life of the loan, provided that the final loan amount does not exceed one hundred percent of the appraised value of the mortgaged premises.
(4) The agency shall require any employer participating in the employer assisted forward commitment mortgage program to guarantee to pay up to twenty percent of the total outstanding mortgage indebtedness (as determined by the agency) for each employee who obtains a mortgage loan under the provisions of this section and who defaults on such mortgage loan during the first seven years of such loan, regardless of whether such borrower is an employee of such employer at the time of the default.
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