Or. Admin. R. 813-066-0025

Current through Register Vol. 63, No. 9, September 1, 2024

Section 813-066-0025 - Borrower Eligibility and Requirements for Program Loans

Requirements for borrower eligibility include, but are not limited to, the following:

(1) The manufactured dwelling must be the borrower's primary residence throughout the term of the loan.

(2) Homeowner's manufactured dwelling and income meet conditions set forth in ORS 458.356.

(3) Homeowner's manufactured dwelling was:

(a) Constructed prior to 1995 and is not being replaced due to total loss incurred through fire damage, water damage, extreme weather, acts of vandalism, or other events commonly covered by homeowner's insurance; or

(b) Constructed on any date, destroyed or lost as a result of a Natural Disaster, was homeowner's primary residence at the time of the Natural Disaster, and homeowner does not receive other natural disaster manufactured dwelling replacement loan or grant funds through OHCS.

(4) Homeowner's adjusted gross annual income is no greater than 100 percent (100%) of statewide or local area median income, whichever is greater, adjusted for household size at the time of application.

(5) Homeowner has completed an OHCS approved Home ownership education course.

Or. Admin. R. 813-066-0025

OHCS 20-2020, adopt filed 10/12/2020, effective 10/12/2020; OHCS 13-2021, amend filed 12/17/2021, effective 12/17/2021; OHCS 29-2022, amend filed 10/24/2022, effective 10/24/2022; OHCS 20-2023, amend filed 08/28/2023, effective 8/28/2023

Statutory/Other Authority: ORS 458.356 & ORS 458.358

Statutes/Other Implemented: ORS 456.555, ORS 446.003, ORS 455.010 & ORS 90.100