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

Statutory/Other Authority

ORS 406.005 & 407.115

Statutes/Other Implemented

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

History

DVA 6-2020, amend filed 07/10/2020, effective 07/11/2020
DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020
DVA 2-2001, f. & cert. ef. 5-23-01