Or. Admin. R. 274-020-0360 – Disbursement of Loan Funds

(1) When a veteran is purchasing or refinancing, the loan funds may be disbursed when the loan is closed.
(2) When construction is involved and the property complies with the definition of a home, the loan funds may be disbursed after the loan is closed, but disbursement is limited to the maximum percentage permitted by statute of the net appraised value.

ORS 406.005 & 407.115

ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3