OAR 813-080-0035
Mortgage Credit Certificate Lender


A lender may be any person, including an issuer of Mortgage Credit Certificates, who provides financing for the acquisition, Qualified Rehabilitation, or Qualified Home Improvement of a single-family residence. This includes, but is not limited to, any commercial bank, savings and loan association, savings bank, mortgage banker, credit union, finance company or other person. A lender shall not provide financing under this program to any certificate holder who is a related person to that lender.


A person wishing to become a lender shall sign and agree to the terms of the Department’s Mortgage Credit Certificate Lender Agreement. A lender who has signed this Mortgage Credit Certificate Lender Agreement may provide financing for the purchase, improvement, or rehabilitation of a single-family residence in connection with the issuance of a Mortgage Credit Certificate to an eligible borrower.


A lender shall agree to provide financing to the eligible borrower in accordance with the following criteria:


The mortgage shall not be used for the acquisition or replacement of an existing mortgage unless such mortgage was a construction loan, bridge loan, or similar temporary financing of 24 months or less;


The mortgage may not have any portion of the financing from the proceeds of a tax-exempt mortgage bond or a tax-exempt veteran’s mortgage bond;


The purchaser shall not, directly or indirectly, be prohibited or required to obtain financing from one or more lenders;


There shall not be any interest on the certified indebtedness amount paid to a related person to the eligible borrower;


A Mortgage Credit Certificate shall not be transferable.

Source: Rule 813-080-0035 — Mortgage Credit Certificate Lender, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-080-0035.

Last Updated

Jun. 8, 2021

Rule 813-080-0035’s source at or​.us