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Current as of October 02, 2022 | Updated by FindLaw Staff
Loans for the purchase of real property or a leasehold estate as limited in the regulations concerning guaranty or insurance of loans to veterans, or for the alteration, improvement, or repair thereof, and for more than $1,500 and more than 40 percent of the reasonable value of such property or estate prior thereto shall be secured by a first lien on the property or estate. Loans for such alteration, improvement, or repairs for more than $1,500 but 40 percent or less of the prior reasonable value of the property shall be secured by a lien reasonable and customary in the community for the type of alteration, improvement, or repair financed. Those for $1,500 or less need not be secured, and in lieu of the title examination the lender may accept a statement from the borrower that he or she has an interest in the property not less than that prescribed in § 36.4354(a).
(Authority 38 U.S.C. 3703(c)(1))
Cite this article: FindLaw.com - Code of Federal Regulations Title 38. Pensions, Bonuses, and Veterans' Relief § 38.36.4355 Loans, first, second, or unsecured - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-38-pensions-bonuses-and-veterans-relief/cfr-sect-38-36-4355/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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