Or. Admin. Code § 274-020-0325

Current through Register Vol. 63, No. 11, November 1, 2024

Section 274-020-0325 - Security for the Loan

(1) The home or farm offered as security shall be owned in fee simple by the veteran at the time the loan is closed.

(2) The state shall have the first lien at the time of making the loan.

(3) The security for the loan shall consist of real or personal property and the mortgage or trust deed shall include all property to be acquired as a home. The Director may allow more than one parcel of real property to be included in the security.

(4) All security for the loan must include a home that is completed and ready for occupancy at the time the loan is closed.

Or. Admin. Code § 274-020-0325

DVA 22, f. 11-15-57, ef. 11-14-57; DVA 45, f. & ef. 12-1-75; DVA 7-2001, f. & cert. ef. 10-29-01; DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020; DVA 5-2020, amend filed 07/10/2020, effective 7/11/2020

Statutory/Other Authority: ORS 406.005 & 407.115

Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3