(1) An applicant for a loan solely for the improvement of a home or farm may receive the loan if:
(a) The applicant has not previously received a loan under this chapter;
(b) The applicant has received a loan under this chapter for the acquisition of that home or farm for which there is an unpaid balance and repayment has been satisfactory; or
(c) The applicant has previously received a loan under this chapter and there is no unpaid balance remaining on that loan.
(2) Any loan made to an applicant who qualifies under subsection (1)(b) of this section for a loan solely for the improvement of a home or farm may be added to the amount due from the applicant and shall bear interest at the rate prescribed in ORS 407.325. [Formerly 407.065; 1987 c.221 §1; 1997 c.214 §3]
Section: Previous 407.205 407.210 407.215 407.225 407.235 407.245 407.255 407.265 407.275 407.285 407.295 407.305 407.310 407.315 407.320 NextLast modified: August 7, 2008