Or. Admin. Code § 274-045-0240 - 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 Post Vietnam Era Veterans' Home 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 years and not more than 40 years from the date of its
mailing.
(4) Each program loam
shall be secured by a first lien mortgage or trust deed. The veteran shall hold
title to the home in fee simple.
(5) No program loan shall be made to
refinance an existing construction or rehabilitation loan, unless such loan was
considered temporary financing. If a program loan is made to refinance such a
loan, the approved lender shall certify to Oregon Department of Veterans'
Affairs that the construction or rehabilitation has be 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.
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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