Or. Admin. Code § 813-022-0055

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

Section 813-022-0055 - [Effective until 5/2/2025] Program Loans

(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's NextStep Product 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's NextStep 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.

Or. Admin. Code § 813-022-0055

OHCS 1-2023, adopt filed 02/06/2023, effective 2/8/2023; OHCS 45-2024, renumbered from 813-022-0050, filed 11/01/2024, effective 11/1/2024; OHCS 47-2024, temporary amend filed 11/04/2024, effective 11/4/2024 through 5/2/2025

Statutory/Other Authority: ORS 456.555

Statutes/Other Implemented: ORS 456.561 & ORS 456.555