OAR 274-020-0200
Definitions for OAR 274-020-0200–274-020-0450

As used in OAR 274-020-0200 (Definitions for OAR 274-020-0200–274-020-0450) to 274-020-0450 (Due on Sale):

(1)

“Acquisition” means the purchase of a home or farm.

(2)

“Department” means the Oregon Department of Veterans’ Affairs established under ORS 406.005 (Department of Veterans’ Affairs).

(3)

“Director” means the Director of the Oregon Department of Veterans’ Affairs.

(4)

“Farm” means a home, as defined in this rule, and a parcel of land being used to obtain a profit in money by utilizing accepted farming practices to raise crops or livestock or poultry or dairying or combinations thereof.

(5)

“Home” means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran, and includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.

(6)

“Lease” means the giving of possession and use of profits of secured property for a period of time in return for compensation.

(7)

“Lease Option” means a lease of real property with an option to purchase the property within a stipulated period of time.

(8)

“Loan to Value Ratio” is the loan amount or balance divided by the net appraised value.

(9)

“Manufactured home” means a structure that is:

(a)

At least 20 feet in width;

(b)

Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;

(c)

Intended for human occupancy;

(d)

Being used for residential purposes;

(e)

Classified and taxed as real property in the county where the structure is located; and

(f)

Constructed in accordance with the Oregon Manufactured Dwelling Installation Specialty Code adopted under ORS 446.155 (Sanitation and safety requirements) or the Model Manufactured Home Installation Standards established by the Department of Housing and Urban Development.

(10)

“Mortgage” means a loan in which real property is used as collateral.

(11)

“Net Appraised Value” means the lesser of the appraised value or the purchase price. The “appraised value” is the value established by an appraisal obtained by or at the direction of the Department, or an appraisal approved by the Department.

(12)

“ODVA" means the Oregon Department of Veterans’ Affairs established under ORS 406.005 (Department of Veterans’ Affairs).

(13)

“Possession” means exclusive dominion and physical control of the secured property but occupancy is not necessary.

(14)

“Rent” means the giving of possession of secured property for occupancy for a specific period of time in return for a stipulated amount of compensation.

(15)

“Resides in the State of Oregon” means a person who:

(a)

Maintains a primary legal residence in Oregon, or

(b)

Intends to occupy a home in Oregon, secured by an ODVA loan, that will be their primary legal residence.

(16)

“Security” means all of the real property that is to be acquired for a home and which serves as collateral for the loan.

(17)

“Transfer” means a change of ownership, either by operation of law, act of the parties, or both, such as deed, contract, certificate, court decree, property settlement, foreclosure, easement, condemnation, or adverse possession of the premises.

(18)

“Trust deed” means a deed, executed in conformity with ORS 86.705 (Definitions for ORS 86.705 to 86.815) to 86.815 (Time within which foreclosure must be commenced), that conveys an interest in real property to a trustee in trust to secure the performance of an obligation the grantor or other person named in the deed owes to a beneficiary.

(19)

“Underwriter/Designated Loan Officers” means those employees of the Department whose paramount responsibility shall be the approval or rejection of all applications for loans.

(20)

“Veteran” means a person who:

(a)

Resides in the State of Oregon at the time of applying for a loan from the fund;

(b)

Is a veteran, as that term is defined by Oregon law in ORS 407.087 (Definition of “veteran”);

(c)

Served under honorable conditions on active duty in the Armed Forces of the United States; and

(d)

Satisfies the requirements applicable to the funding source for the loan from the Oregon War Veterans’ Fund.

Source: Rule 274-020-0200 — Definitions for OAR 274-020-0200–274-020-0450, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-020-0200.

274–020–0200
Definitions for OAR 274-020-0200–274-020-0450 274–020–0241
Authority to Protect the Security 274–020–0260
Who May Apply for Loan 274–020–0265
Evidence Required to Establish Eligibility 274–020–0266
Eligibility to Apply 274–020–0270
Forms and Signature 274–020–0280
Number of Applications Permitted 274–020–0285
Additional Loans 274–020–0290
Second Loans 274–020–0295
Modification of Application 274–020–0300
Cancellation of Application 274–020–0305
Filing Period 274–020–0310
Evidence of Acquisition 274–020–0315
Evidence of Construction 274–020–0322
Requirements for Farm Applicants 274–020–0325
Security for the Loan 274–020–0330
Legal Description of Property Offered as Security 274–020–0335
Appraisal of Property 274–020–0340
Terms of Loan 274–020–0341
Interest Rates for Loans 274–020–0342
Interest Rate on Assumptions by Eligible Veterans 274–020–0343
Interest Rates on Loans Secured by Property Transferred to Non-Veterans 274–020–0344
Fixed Interest Rate 274–020–0345
Approval of the Loan 274–020–0348
Grounds for Refusing to Make a Loan 274–020–0349
Loan Funding 274–020–0350
Evidence of Title 274–020–0355
Escrow Closing of Loans 274–020–0360
Disbursement of Loan Funds 274–020–0375
Lost, Stolen, or Destroyed Warrants or Checks 274–020–0380
Transfer of Ownership 274–020–0381
Rental 274–020–0382
Interest Rate Payable When Property Transferred Back to Original Borrower 274–020–0385
Modification of Mortgage 274–020–0386
Temporary Reduction of Payments 274–020–0387
Reamortization of Loans 274–020–0388
Property Tax Amortization and Escrow Accounting 274–020–0391
Discount for Early Payoff 274–020–0395
Partial Release of Security 274–020–0405
Confidential Nature of Information Submitted by the Borrower 274–020–0410
Confidential Nature of Information Procured by the Director 274–020–0411
Disclosure of Information and Fees 274–020–0420
Director’s Decisions Control in All Controversies 274–020–0421
Review of Loan Determinations and Other Decisions 274–020–0430
Effect 274–020–0440
Fees 274–020–0445
Assumption of Loan by Eligible Veteran 274–020–0450
Due on Sale
Last Updated

Jun. 24, 2021

Rule 274-020-0200’s source at or​.us