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Electronic Code of Federal Regulations

e-CFR Data is current as of August 27, 2014

Title 38Chapter IPart 36Subpart B → §36.4355


Title 38: Pensions, Bonuses, and Veterans' Relief
PART 36—LOAN GUARANTY
Subpart B—Guaranty or Insurance of Loans to Veterans With Electronic Reporting


§36.4355   Loans, first, second, or unsecured.

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 §36.4854(a).

(Authority: 38 U.S.C. 3703(c)(1))



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