OAR 813-066-0020
Manufactured Dwelling Replacement Loan Terms

All loans made under this program will include, but are not limited to, the following terms and criteria:

(1)

There is no minimum loan amount and the maximum loan amount allowable is set by ORS 458.356 (Manufactured dwelling replacement loans).

(2)

The replacement manufactured dwelling shall meet or exceed energy efficiency standards.

(3)

Program loans will have a 0% interest rate.

(4)

Program loans will not require regular principal payments.
(5) Program loans will be subordinate to a primary home loan.
(6) The program loan balance at closing will be reduced incrementally by 1/120th each month and forgiven completely after 10 years of homeowner occupancy from the loan origination date.
(7) If the manufactured dwelling is sold before the 10-year homeowner occupancy period expires, the outstanding balance of the program loan shall be repaid upon sale of the manufactured dwelling unless:
(a) the program loan is assumed by a buyer who meets the minimum income restrictions set forth in ORS 458.436(2)(a) or the minimum income restrictions set forth in the program loan documents, whichever is more restrictive, or
(b) the remaining balance of the program loan is forgiven early by OHCS due to hardship at the sole discretion of OHCS.

(8)

The program loan shall be secured by a recorded or filed security interest.
(9) A program loan may be made to refinance an existing loan provided the existing loan was made for the purpose of a qualified manufactured dwelling replacement and was made after January 1, 2020.
(10) The unpaid balance of the program loan must be repaid in full upon:

(a) The borrower’s sale or voluntary transfer of the manufactured dwelling without OHCS prior written consent, within 10 years of homeowner occupancy; or

(b) The relocation of the manufactured dwelling without OHCS prior written consent; or

(c) The manufactured dwelling ceasing to be the borrower’s primary residence.

Source: Rule 813-066-0020 — Manufactured Dwelling Replacement Loan Terms, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-066-0020.

Last Updated

Jun. 8, 2021

Rule 813-066-0020’s source at or​.us