§ 6.1-194.64. Initial repayments on real estate loans
Repayments on real estate loans shall begin not later than sixty days after the loan proceeds are disbursed. However, if such loan is for construction, substantial alteration, repair, or improvement of the real estate securing the loan, repayments may begin not later than sixty months after the date of the first loan disbursement, and interest shall be payable at least semiannually until regular periodic payments begin. In the case of a home loan where the loan proceeds are to be used for construction, substantial alteration, repair, or improvement of the security property, repayments must begin not later than thirty-six months after the date of the first disbursement, with interest payable at least semiannually until regular periodic payments begin.
(1985, c. 425.)
Sections: Previous 6.1-194.57 6.1-194.58 6.1-194.59 6.1-194.60 6.1-194.61 6.1-194.62 6.1-194.63 6.1-194.64 6.1-194.65 6.1-194.66 6.1-194.67 6.1-194.68 6.1-194.69 6.1-194.70 6.1-194.71 NextLast modified: April 2, 2009