Or. Admin. Code § 813-022-0055 - Program Loans

(1) A mortgage loan under the program 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 Flex Lending Program's NextStep Product Guideline Manual.
(2) A mortgage loan is subject to repayment if the Approved Lender, the Department, or the Department's Servicers determines that the borrower was ineligible at the time the mortgage was made.
(3) A second mortgage loan may be made to borrowers in conjunction with a Flex Lending Program's NextStep Loan, at the discretion of the Department
(a) Eligibility requirements for the second mortgage loan product follow the same eligibility requirements for the first Program Loan; and
(b) The second mortgage loan shall assume second position behind the first mortgage loan.

Notes

Or. Admin. Code § 813-022-0055
OHCS 1-2023, adopt filed 02/06/2023, effective 2/8/2023; OHCS 45-2024, renumbered from 813-022-0050, filed 11/01/2024, effective 11/1/2024; OHCS 47-2024, temporary amend filed 11/04/2024, effective 11/4/2024 through 5/2/2025; OHCS 20-2025, amend filed 04/16/2025, effective 4/16/2025

Statutory/Other Authority: ORS 456.555

Statutes/Other Implemented: ORS 456.561 & ORS 456.555

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