OAR 274-028-0005: Definitions

Selected words and terms as used in OAR chapter 274, division 028, are defined as follows: (1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-028-0001 for not more than the total loan right where said loan funds are used to improve the basic livability of the home as defined in OAR 274-025-0010(7). (2) Qualified improvements means the remodel or improvement of an existing home which will substantially enhance or protect the basic livability of the home. (3) Processing Manual means the manual containing the policy for the Veterans' Home Improvement Loan Program, and any subsequent changes as they are effected. (4) Veterans' Home Improvement Loan Program means all veterans' home improvement loans for which applications are received on or after November 12, 1997. (5) Existing loan means any loan or loans obtained by the veteran to purchase or improve the property used as security for a loan with the Oregon Department of Veterans Affairs (ODVA). (6) Loan to Value Ratio is the loan amount plus any outstanding balance owed to ODVA on the security divided by the net appraised value.