Or. Admin. R. 274-045-0040 - Security for the Loan

(1) The veteran shall own the home offered as security in fee simple at the time the loan is closed.
(2) The State shall have the first lien on the security at the time of making the loan.
(3) The security for the loan shall consist of real property and the mortgage or trust deed shall include all property to be acquired as a home. More than one parcel of real property may be included in the security.
(4) All security must include a home that is completed and ready for occupancy.

Notes

Or. Admin. R. 274-045-0040
DVA 2-2001, f. & cert. ef. 5-23-01; DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020; DVA 6-2020, 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

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