OAR 274-020-0445
Assumption of Loan by Eligible Veteran

When a veteran who is eligible to assume a loan under the provisions of ORS 407.305 (Assumption of previous loan by eligible veteran) seeks to acquire property and wishes to assume liability on the loan, the Director of Veterans’ Affairs will approve the assumption subject to the following conditions:

(1)

The applicant must submit the same evidence of eligibility and the same application as if an application were being submitted for a loan.

(2)

The provisions of ORS 407.225 (Processing of loan application)(3) do not apply except when additional funds are being requested. If additional funds are not being requested, the applicant may be permitted to assume a loan with a balance in excess of 97 percent of the appraised value on homes which are real property, 85 percent of the appraised value on homes which are not real property, and 90 percent of the appraised value on farms.

(3)

Notwithstanding the provisions of OAR 274-20-440, if additional funds are not being requested, an appraisal fee will not be collected by the director, and no appraisal of the property will be made. If additional funds are being requested, the provisions of ORS 407.225 (Processing of loan application)(3) and OAR 274-20-440 shall apply, and an appraisal of the property will be made.

Source: Rule 274-020-0445 — Assumption of Loan by Eligible Veteran, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-020-0445.

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. 8, 2021

Rule 274-020-0445’s source at or​.us