Or. Admin. Code § 813-020-0055 - Mortgage Loans
(1) A mortgage loan
under the Program, "Mortgage Loan", is eligible for purchase by the Department
if:
(a) The borrower holds title to the
property in fee simple or in another form of ownership acceptable to the
Department; and
(b) The Mortgage
Loan meets the requirements set forth in the OHCS Oregon Bond and Flex Lending
FirstHome Guideline Manual.
(2) A Mortgage Loan is subject to repayment
if the Approved Lender, the Department, the Servicer, or the Department's
Servicer determines that the borrower was ineligible at the time the Mortgage
Loan was made.
(3) A second
Mortgage Loan may be made to borrowers in conjunction with a FirstHome product.
(a) Eligibility requirements for the second
Mortgage Loan product follow the same eligibility requirements for the first
Mortgage Loan; and
(b) The second
Mortgage Loan shall assume second lien position behind the first Mortgage
Loan.
Notes
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.555 & 456.561
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(1) A mortgage loan under the Program , "Mortgage Loan ", is eligible for purchase by the Department if:
(a) The borrower holds title to the property in fee simple or in another form of ownership acceptable to the Department ; and
(b) The Mortgage Loan meets the requirements set forth in the OHCS Oregon Bond and Flex Lending FirstHome Guideline Manual .
(2) A Mortgage Loan is subject to repayment if the Approved Lender , the Department , the Servicer, or the Department 's Servicer determines that the borrower was ineligible at the time the Mortgage Loan was made.
(3) A second Mortgage Loan may be made to borrowers in conjunction with an Oregon Bond Residential Mortgage Loan .
(a) Eligibility requirements for the second Mortgage Loan product follow the same eligibility requirements for the first Mortgage Loan ; and
(b) The second Mortgage Loan shall assume second lien position behind the first Mortgage Loan .
Notes
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.555 & ORS 456.561