Oregon Administrative Rules|Section 813-066-0025 - Borrower Eligibility and Requirements for Program Loans

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
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) The manufactured dwelling must be sited either: 
(a) in a manufactured dwelling park that has registered with OHCS and either has entered into a regulatory agreement with OHCS or is negotiating a regulatory agreement with OHCS that is at least partially conditioned upon the replacement of the manufactured dwelling, or
 
(b) on land owned or purchased under a land sale contract by the individual borrower.
 
 
(3) Income restrictions for eligible homeowners will be determined at the advice and consent of the Oregon Housing Stability Council, and shall not exceed the greater of 100 percent of the statewide or local area median income adjusted for household size at the time the loan is approved.
 
(4) Borrower must be able to obtain primary home financing from another source that is acceptable to OHCS. The program loan will be subordinate to the primary home financing.
 
Or. Admin. R. 813-066-0025
OHCS 20-2020, adopt filed 10/12/2020, effective 10/12/2020
Statutory/Other Authority: ORS 458.356 & 458.358
 
Statutes/Other Implemented: ORS 456.555 & 446.003
This section was updated on 12/9/2021 by an editor because it was made effective.