Or. Admin. Code § 813-022-0055 - [Effective 5/2/2025] 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 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 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
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.555 & ORS 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.
No prior version found.