(1) The Department of Veterans’ Affairs may enter into an agreement with any public or private organization or with any federal or state governmental agency to provide insurance for qualified mortgages.

Terms Used In Oregon Statutes 407.485

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Home: includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. See Oregon Statutes 407.085
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(2) The terms of the agreement for insurance, including the amount of insurance and the premium therefor, shall be agreed upon by the department and the organization or agency.

(3) Insurance provided under this section may not exceed coverage of the loan balance for property secured by a mortgage or trust deed to the department.

(4) If a qualified borrower borrows an amount under this chapter that is 80 percent or less of the net appraised value of the home or farm that secures the loan, the department may approve the loan without requiring insurance. [1989 c.677 § 3; 1993 c.192 § 2; 1995 c.238 § 2; 2005 c.625 § 47]

 

  Previous section
Next section  
 Life and Mortgage Insurance Contents