Or. Admin. Code § 813-020-0055

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-020-0055 - [Effective until 5/2/2025] Mortgage Loans

(1) A mortgage loan under the Program, "Mortgage Loan", 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 Oregon Bond and Flex Lending FirstHome Guideline Manual.

(2) A Mortgage Loan is subject to repayment if the Approved Lender, the Department, the Servicer, or the Department's Servicer determines that the borrower was ineligible at the time the Mortgage Loan was made.

(3) A second Mortgage Loan may be made to borrowers in conjunction with an Oregon Bond Residential Mortgage Loan.

(a) Eligibility requirements for the second Mortgage Loan product follow the same eligibility requirements for the first Mortgage Loan; and

(b) The second Mortgage Loan shall assume second lien position behind the first Mortgage Loan.

Or. Admin. Code § 813-020-0055

OHCS 46-2024, temporary adopt filed 11/04/2024, effective 11/4/2024 through 5/2/2025

Statutory/Other Authority: ORS 456.555

Statutes/Other Implemented: ORS 456.555 & ORS 456.561