Selected words and terms as used in OAR chapter 274, division 028, are defined as follows:
- (1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-028-0001 for not more than the total loan right where said loan funds are used to improve the basic livability of the home as defined in OAR 274-025-0010(7).
- (2) Qualified improvements means the remodel or improvement of an existing home which will substantially enhance or protect the basic livability of the home.
- (3) Processing Manual means the manual containing the policy for the Veterans' Home Improvement Loan Program, and any subsequent changes as they are effected.
- (4) Veterans' Home Improvement Loan Program means all veterans' home improvement loans for which applications are received on or after November 12, 1997.
- (5) Existing loan means any loan or loans obtained by the veteran to purchase or improve the property used as security for a loan with the Oregon Department of Veterans Affairs (ODVA).
- (6) Loan to Value Ratio is the loan amount plus any outstanding balance owed to ODVA on the security divided by the net appraised value.
Statutory/Other Authority
Ch. 214 OL 1997 & ORS 406.030
Statutes/Other Implemented
Ch. 214 OL 1997 & ORS 406.030
History
DVA 2-2005, f. & cert. ef. 4-22-05
DVA 6-1997, f. & cert. ef. 10-22-97