Or. Admin. Code § 274-025-0030 - Loan Requirements
(1) To
be eligible for purchase or underwriting and closing by the ODVA pursuant to a
commitment to an approved lender, a program loan shall be made or processed by
the approved lender during the period of that commitment. The loan shall comply
with the terms of such commitment, the requirements set forth in the agreement
between ODVA and the approved lender, and the conditions set forth in the rules
and the Loan Origination Guide/Mortgage Brokers Loan Origination
Guide.
(2) Each Approved Lender
shall make loans for single-family dwellings.
(3) Each program loan shall have a final
maturity of at least 15 and not more than 40 years from the date of its
mailing.
(4) Each program loan
shall be secured by a first lien security instrument as defined or allowed
pursuant to OAR 274-025-0010(11) and granted by the veteran on a home which is
being financed. The veteran shall hold title to the home in fee
simple.
(5) No program loan shall
be made to refinance an existing loan, unless such loan was a temporary loan
for the construction or rehabilitation of a home or other temporary initial
financing. If a program loan is made to refinance such a loan, the approved
lender shall certify to the ODVA that construction or rehabilitation has been
satisfactorily completed before the delivery of the program loan for
purchase.
(6) Each program loan
shall be executed on forms approved by the ODVA. Such forms shall prescribe
program loan requirements regarding insurance, escrow payments, late charges,
defaults, and similar matters.
(7)
The ODVA shall require that program loans be subject to acceleration at the
option of the ODVA if at any time the veteran does not reside in the home as
his/her primary residence, or if the veteran is determined to have been
ineligible at the time the program loan was made.
(8) The interest rate on each program loan
shall be at the rate stated in the applicable commitment issued by the
ODVA.
Notes
Publications: Publications referenced are available from the agency.
Stat. Auth.: ORS 406.030, 407.115, 407.177, 407.179 & 407.181
Stats. Implemented:
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