Or. Admin. R. 274-020-0325 – Security for the Loan

(1) The home or farm offered as security shall be owned in fee simple by the veteran at the time the loan is closed.
(2) The state shall have the first lien at the time of making the loan.
(3) The security for the loan shall consist of real or personal property and the mortgage or trust deed shall include all property to be acquired as a home. The Director may allow more than one parcel of real property to be included in the security.
(4) All security for the loan must include a home that is completed and ready for occupancy at the time the loan is closed.

ORS 406.005 & 407.115

ORS 407.075 to 407. 385; Oregon Constitution Article XI-A, Section 3