Oregon Administrative Rules
Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS
Division 45 - POST VIETNAM ERA VETERANS' HOME LOAN PROGRAM
Section 274-045-0080 - Approval of the Loan
Current through Register Vol. 63, No. 12, December 1, 2024
The approval of any loan shall be dependent upon the following:
(1) The veteran applicant must meet the current industry standards determined by the Department to be applicable to the proposed loan. Applicable industry standards may include, but are not limited to:
(2) The veteran applicant may be required to have equity in the property.
(3) Secondary financing may be permitted.
(4) Construction shall meet the minimum standards set by federal, state or local laws.
(5) A performance bond may be required for new construction.
(6) Inspections to prove the premises safe, sanitary and structurally sound may be required, and the loan may be refused if the construction is inferior.
(7) The security shall be served by adequate means of legal and physical access and shall have an acceptable potable water supply.
(8) The Director may approve a loan for the following purposes:
Statutory/Other Authority: ORS 406.005 & 407.115
Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3