Or. Admin. Code § 274-020-0345

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

Section 274-020-0345 - Approval of the Loan

The approval of any loan shall be dependent upon the following:

(1) The veteran applicant must meet current industry standards determined by the Department to be applicable to the proposed loan. Applicable industry standards may include, but are not limited to:

(a) Local lending practices;

(b) FannieMae and other lending organization standards; and

(c) Federal and state legal requirements.

(2) The veteran applicant may be required to have an equity in the property.

(3) Secondary financing may be permitted.

(4) Construction shall meet the minimum standards set by federal, state and local laws.

(5) A performance bond may be required for new construction.

(6) Inspections to prove the premises safe, sanitary, and structurally sound may be required, and the loan may be refused if the construction is inferior.

(7) The security shall be served by adequate means of legal and physical access and shall have an acceptable potable water supply.

Or. Admin. Code § 274-020-0345

DVA 22, f. 11-15-57, ef. 11-14-57; DVA 32, f. 12-2-65, ef. 10-25-65; DVA 50, f. 11-16-77, ef. 12-1-77; DVA 2-1978, f. & ef. 12-1-78; DVA 7-1982, f. & ef. 3-15-82; DVA 3-1991, f. 5-30-91, cert. ef. 6-3-91; DVA 5-1993, f. 3-16-93, cert. ef. 3-21-93; DVA 7-1995, f. & cert. ef. 7-21-95; DVA 4-2005(Temp), f. & cert. ef. 6-3-05 thru 11-30-05; DVA 5-2005, f. & cert. ef. 7-22-05; DVA 6-2005, f. & cert. ef. 10-24-05

Stat. Auth.: ORS 183, 406.030, 407.115, 407.135, 407.145, 407.275, 407.305 & 407.375

Stats. Implemented: ORS 407.115, 407.125 & 407.225