OAR 274-045-0240
Loan Requirements


(1)

To be eligible for purchase or underwriting and closing by the ODVA pursuant to a commitment to an approved lender, a program loan shall be made or processed by the approved lender during the period of that commitment. The loan shall comply with the terms of such commitment, the requirements set forth in the agreement between ODVA and the approved lender, and the conditions set forth in the rules and the Post Vietnam Era Veterans’ Home Loan Origination Guide/Mortgage Brokers Loan Origination Guide.

(2)

Each Approved Lender shall make loans for single-family dwellings.

(3)

Each program loan shall have a final maturity of at least 15 years and not more than 40 years from the date of its mailing.

(4)

Each program loam shall be secured by a first lien mortgage or trust deed. The veteran shall hold title to the home in fee simple.

(5)

No program loan shall be made to refinance an existing construction or rehabilitation loan, unless such loan was considered temporary financing. If a program loan is made to refinance such a loan, the approved lender shall certify to Oregon Department of Veterans’ Affairs that the construction or rehabilitation has be satisfactorily completed before the delivery of the program loan for purchase.

(6)

Each program loan shall be executed on forms approved by the ODVA. Such forms shall prescribe program loan requirements regarding insurance, escrow payments, late charges, defaults, and similar matters.

(7)

The ODVA shall require that program loans be subject to acceleration at the option of the ODVA if at any time the veteran does not reside in the home as his/her primary residence, or if the veteran is determined to have been ineligible at the time the program loan was made.

(8)

The interest rate on each program loan shall be at the rate stated in the applicable commitment issued by the ODVA.
[Publications: Publications referenced are available from the agency.]
274–045–0001
Definitions for OAR 274-045-0001 to 274-045-0481
274–045–0005
Purpose and Objectives
274–045–0010
Eligibility Requirements
274–045–0015
Authority to Protect the Security
274–045–0020
Who May Apply for Loan
274–045–0025
Evidence Required to Establish Eligibility
274–045–0030
Modification of Application
274–045–0035
Cancellation of Application
274–045–0040
Security for the Loan
274–045–0045
Legal Description of Property Offered as Security
274–045–0050
Appraisal of Property
274–045–0060
Terms of Loan
274–045–0070
Interest
274–045–0080
Approval of the Loan
274–045–0085
Loan Funding
274–045–0090
Grounds for Refusing to Make a Loan
274–045–0100
Evidence of Title
274–045–0110
Escrow Closing of Loans
274–045–0120
Transfer of Ownership
274–045–0125
Rental
274–045–0130
Modification of Mortgage
274–045–0140
Temporary Reduction of Payments
274–045–0145
Loan Cancellation Life Insurance
274–045–0150
Property Tax Amortization and Escrow Accounting
274–045–0160
Partial Release of Security
274–045–0170
Confidential Nature of Information Submitted by the Borrower
274–045–0180
Confidential Nature of Information Procured by the Director
274–045–0190
Disclosure of Information and Fees
274–045–0200
Director’s Decisions Control in All Controversies
274–045–0205
Review of Loan Determinations and Other Decisions
274–045–0220
Fees
274–045–0230
Approved Lenders
274–045–0240
Loan Requirements
274–045–0250
Reservation of Funds and Commitments
274–045–0260
Title Insurance
274–045–0270
Hazard Insurance
274–045–0280
Flood Insurance
274–045–0401
Purpose and Objectives
274–045–0411
Definitions
274–045–0421
Interest Rate
274–045–0431
Approval of Veterans’ Home Improvement Loans
274–045–0441
Terms and Requirements of Veterans’ Home Improvement Loans
274–045–0451
Appraisal of Property
274–045–0461
Transfer of Ownership
274–045–0471
Taxes, Hazard Insurance and Flood Insurance
274–045–0481
Title Insurance
Last Updated

Jun. 8, 2021

Rule 274-045-0240’s source at or​.us