W. Va. Code R. § 61-33-10

Current through Register Vol. XLII, No. 1, January 3, 2025

Section 61-33-10 - Refinancing

10.1. The loan holder may refinance a loan in good standing after 5 years have elapsed from the date of the loan: Provided, That the Commissioner may waive the five-year requirement upon a showing that a declared state of emergency impacted, or will likely impact, the loan holder's ability to remain in good standing on the loan.

10.2. The loan holder shall submit a new application to be eligible for refinancing

10.3. The Rural Rehabilitation Loan Committee will evaluate the new application using the same criteria for initial loans and will also consider the borrower's loan repayment history.

10.4. Any refinancing may not extend a loan term past 20 years from the date of the original loan agreement.

10.5. The limits on refinancing in this section shall not apply when restructuring distressed loans under section 15 of this rule.

W. Va. Code R. § 61-33-10