(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]
Structure 2021 Oregon Revised Statutes
Volume : 10 - Highways, Military
Section 407.075 - Purpose; legislative intent.
Section 407.085 - Definitions.
Section 407.087 - Definition of "veteran."
Section 407.095 - Policy against foreclosure; rules.
Section 407.145 - Purchase and control of property; disbursements to protect security.
Section 407.169 - Escrow accounts; standards; interest; rules.
Section 407.195 - Loans not being amortized; identification; notice to borrowers.
Section 407.201 - Required disclosure of credit information and loan terms.
Section 407.205 - Application for loan; amount of loan; limit on number of loans.
Section 407.225 - Processing of loan application; security.
Section 407.275 - Terms of loan to veteran and transferee.
Section 407.285 - Rate of interest payable by certain transferees.
Section 407.325 - Rate of interest on loans; rules.
Section 407.327 - Department to prescribe fixed or variable interest rates.
Section 407.335 - Rate of interest payable by transferee; limit on transfers; rules.
Section 407.465 - Loan cancellation life insurance.
Section 407.480 - Definitions for ORS 407.480 to 407.490.
Section 407.485 - Agreements for mortgage insurance; terms; amount; required coverage.
Section 407.495 - Oregon War Veterans’ Fund; sources; uses.
Section 407.505 - Loan moneys to be reserved for borrower prior to loan commitment.
Section 407.515 - Oregon War Veterans’ Bond Sinking Account; sources; use.