Or. Admin. R. 274-045-0411 - Definitions

Selected words and terms as used in OAR chapter 274, division 045, are defined as follows:

(1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-045-0401 for not more than the total loan right where said loan funds are used to improve the basic livability of the home as defined in OAR 274-045-0001(11).

(2) Qualified improvements means the remodel or improvement of an existing home which will substantially enhance or protect the basic livability of the home, which are consistent with provisions of applicable tax laws.

(3) Processing Manual means the Oregon Department of Veterans' Affairs (ODVA) manual containing the policy for the Veterans' Home Improvement Loan Program and any subsequent changes as they are effected.

(4) Veterans' Home Improvement Loan Program means all veterans' home improvement loans for which applications are received on or after June 29, 2001, and the veterans eligible for this program.

(5) Existing loan means any loan or loans obtained by the veteran to purchase or improve the property used as security for a loan with the ODVA.

(6) Loan to Value Ratio is the loan amount plus any outstanding balance owed to ODVA on the security divided by the net appraised value.

Notes

Or. Admin. R. 274-045-0411

DVA 10-2001, f. & cert. ef. 12-26-01; DVA 2-2005, f. & cert. ef. 4-22-05

Publications: Publications referenced are available from the agency.

Stat. Auth.: ORS 406.030, 407.115, 407.125 & Art. XI-A OR Const.

Stats. Implemented: ORS 407.115, 407.125 & Art. XI-A OR Const.