Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 22 - FLEX LENDING PROGRAM (FLEX)
Section 813-022-0050 - Program Loans
Universal Citation: OR Admin Rules 813-022-0050
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A mortgage loan under the program is eligible for purchase by the Department if:
(a) The borrower holds title to the property
in fee simple or in another form of ownership acceptable to the Department;
and
(b) The mortgage loan meets the
requirements set forth in the OHCS Flex Lending Program Guideline
Manual.
(2) A mortgage loan is subject to repayment if the Approved Lender, the Department, or the Department's Servicers determines that the borrower was ineligible at the time the mortgage was made.
(3) A second mortgage loan may be made to borrowers in conjunction with a Flex Lending Program Loan, at the discretion of the Department
(a) Eligibility requirements for the second
mortgage loan product follow the same eligibility requirements for the first
Program Loan; and
(b) The second
mortgage loan shall assume second position behind the first mortgage
loan.
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.555 & ORS 456.561
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