ORS 407.305
Assumption of previous loan by eligible veteran

  • additional funds
  • maximum amount

When a veteran who is eligible for a loan under this chapter and Article XI-A of the Oregon Constitution seeks to acquire a home or farm that is serving as security for a previous loan made under this chapter, the veteran may choose either to receive a new loan for the property or to assume the previous loan. If the loan balance for the loan being assumed does not exceed the amount of the veteran’s entitlement under ORS 407.205 (Application for loan), the interest rate to be paid on the assumed loan balance shall be the rate per annum prescribed under ORS 407.315 (Interest rate for veteran’s assumption). In addition to the amount assumed, the veteran may apply for and receive additional funds to be applied to the purchase price. The interest rate to be paid on the additional funds shall be the rate per annum currently prescribed under ORS 407.325 (Rate of interest on loans). The sum of the assumed loan balance and the additional funds shall not exceed the amount of the veteran’s entitlement under ORS 407.205 (Application for loan) or the maximum loan amount prescribed by ORS 407.205 (Application for loan) (3)(b) or (c). An assumption or an assumption with additional funds under this section shall be deemed to be one loan and the veteran making the assumption or the assumption with additional funds shall be deemed to be a borrower for the purposes of ORS 407.145 (Purchase and control of property), 407.205 (Application for loan), 407.215 (Certain loans excludable from maximum loan amount), 407.325 (Rate of interest on loans), 407.385 (Prohibition against using loan for purpose other than farm or home acquisition), 407.465 (Loan cancellation life insurance) and 407.475 (Persons insurable under ORS 407.465). [Formerly 407.063; 1985 c.296 §5; 1987 c.221 §4; 1995 c.238 §6; 2013 c.228 §2; 2019 c.223 §21]

Source: Section 407.305 — Assumption of previous loan by eligible veteran; additional funds; maximum amount, https://www.­oregonlegislature.­gov/bills_laws/ors/ors407.­html.

407.075
Purpose
407.085
Definitions
407.087
Definition of “veteran.”
407.095
Policy against foreclosure
407.125
Loans to qualified person
407.131
Discount of principal
407.135
Authority of department
407.145
Purchase and control of property
407.155
Execution and custody of documents
407.165
Authority to hold certain funds received from borrower
407.169
Escrow accounts
407.177
Loan processing and servicing contracts with lending institutions
407.179
Additional powers delegated to lending institution
407.181
Authority of lending institution
407.185
Cash flow projection
407.195
Loans not being amortized
407.201
Required disclosure of credit information and loan terms
407.205
Application for loan
407.215
Certain loans excludable from maximum loan amount
407.225
Processing of loan application
407.275
Terms of loan to veteran and transferee
407.285
Rate of interest payable by certain transferees
407.295
Transfer to spouse
407.305
Assumption of previous loan by eligible veteran
407.315
Interest rate for veteran’s assumption
407.325
Rate of interest on loans
407.327
Department to prescribe fixed or variable interest rates
407.335
Rate of interest payable by transferee
407.349
Late charges authorized for periodic payments
407.375
Sale of foreclosed properties
407.377
Sale or management of foreclosed property under personal services contract
407.385
Prohibition against using loan for purpose other than farm or home acquisition
407.415
Issuance of bonds
407.425
Factors considered before requesting bond issuance
407.435
Issuance of bonds for tax payment
407.465
Loan cancellation life insurance
407.475
Persons insurable under ORS 407.465
407.480
Definitions for ORS 407.480 to 407.490
407.485
Agreements for mortgage insurance
407.490
Mortgage insurance claims
407.495
Oregon War Veterans’ Fund
407.505
Loan moneys to be reserved for borrower prior to loan commitment
407.515
Oregon War Veterans’ Bond Sinking Account
407.525
Transfer of sinking account moneys to veterans’ fund
407.555
Auditing and payment of claims
407.565
Revolving account
407.595
Loans not subject to execution or assignment
Green check means up to date. Up to date