OAR 813-022-0055: Program Loans

(1) A mortgage loan under the program is eligible for purchase by the Department if: (a) The borrower holds title to the property in fee simple or in another form of ownership acceptable to the Department; and (b) The mortgage loan meets the requirements set forth in the OHCS Flex Lending Program's NextStep Product Guideline Manual. (2) A mortgage loan is subject to repayment if the Approved Lender, the Department, or the Department's Servicers determines that the borrower was ineligible at the time the mortgage was made. (3) A second mortgage loan may be made to borrowers in conjunction with a Flex Lending Program's NextStep Loan, at the discretion of the Department (a) Eligibility requirements for the second mortgage loan product follow the same eligibility requirements for the first Program Loan; and (b) The second mortgage loan shall assume second position behind the first mortgage loan.