OAR 274-045-0040: Security for the Loan

(1) The veteran shall own the home offered as security in fee simple at the time the loan is closed. (2) The State shall have the first lien on the security at the time of making the loan. (3) The security for the loan shall consist of real property and the mortgage or trust deed shall include all property to be acquired as a home. More than one parcel of real property may be included in the security. (4) All security must include a home that is completed and ready for occupancy.