OAR 813-020-0060: Eligible Borrowers and Residences

(1) A borrower is eligible for a mortgage loan under the Program if they meet the eligibility requirements set forth in the Oregon Bond and Flex Lending FirstHome Guideline Manual, and more specifically in the case of a Mortgage Loan made with tax-exempt bonds, the borrower meets the requirements of Section 143 of the Internal Revenue Code of 1986, as amended. (2) A residence is eligible for a mortgage loan under the Program if: (a) The property is residential property located in Oregon; (b) The property contains one unit. (c) The property is structurally sound and functionally adequate; and (d) The property meets the requirements of the Department’s Servicer.