Oregon Code § 407.485·Enacted ·Last updated March 01, 2026
Statute Text
Agreements for mortgage insurance; terms; amount; required coverage.
(1) The Department of Veterans
Affairs may enter into an agreement with any public or private organization or
with any federal or state governmental agency to provide insurance for
qualified mortgages.
(2) The terms of
the agreement for insurance, including the amount of insurance and the premium
therefor, shall be agreed upon by the department and the organization or
agency.
(3) Insurance
provided under this section may not exceed coverage of the loan balance for
property secured by a mortgage or trust deed to the department.
(4) If a
qualified borrower borrows an amount under this chapter that is 80 percent or
less of the net appraised value of the home or farm that secures the loan, the
department may approve the loan without requiring insurance. [1989 c.677 §3;
1993 c.192 §2; 1995 c.238 §2; 2005 c.625 §47]
Plain English Explanation
This Oregon statute addresses Agreements for mortgage insurance; terms; amount; required coverage. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 407.485
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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