§ 407.205 Application for loan; amount of loan; limit on number of loans
§ 407.215 Certain loans excludable from maximum loan amount
§ 407.225 Processing of loan application; security
§ 407.275 Terms of loan to veteran and transferee
§ 407.285 Rate of interest payable by certain transferees
§ 407.295 Transfer to spouse; notice to department; notice of delinquent payment
§ 407.305 Assumption of previous loan by eligible veteran; additional funds; maximum amount
§ 407.315 Interest rate for veterans assumption; variable rate; effect of rate on cash flow; rules
§ 407.325 Rate of interest on loans; rules
§ 407.327 Department to prescribe fixed or variable interest rates
§ 407.335 Rate of interest payable by transferee; limit on transfers; rules
§ 407.349 Late charges authorized for periodic payments
§ 407.375 Sale of foreclosed properties; improvement in lieu of down payment; interest rate; redemption of property; rules
§ 407.377 Sale or management of foreclosed property under personal services contract
§ 407.385 Prohibition against using loan for purpose other than farm or home acquisition; prompt use of farm or home as principal residence; extension; exception; penalty

Terms Used In Oregon Statutes > Chapter 407 > Loan Procedures and Conditions

  • Acquisition: means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes. See Oregon Statutes 407.085
  • Amortization: Paying off a loan by regular installments.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fixed interest rate: means an interest rate on a home or farm loan that remains the same for the term of the loan. See Oregon Statutes 407.085
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Home: includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. See Oregon Statutes 407.085
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Manufactured home: means a structure that is:

    (a) At least 20 feet in width;

    (b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;

    (c) Intended for human occupancy;

    (d) Being used for residential purposes;

    (e) Classified and taxed as real property in the county where the structure is located; and

    (f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS § 446. See Oregon Statutes 407.085

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Trust deed: has the meaning given that term in ORS § 86. See Oregon Statutes 407.085
  • United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
  • Variable interest rate: means an interest rate on a home or farm loan that may change periodically during the term of the loan. See Oregon Statutes 407.085
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.