12 CCR s 341

Cal. Admin. Code tit. 12, s 341

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 3. CONTRACT AND OTHER TERMS
This database is current through 12/22/06, Register 2006, No. 51.
s 341. Secondary Financing.

Secondary financing (from other sources) may be permitted in connection
with the purchase of a farm or home, or a veteran may be permitted to
encumber (borrow on equity) an existing Cal-Vet farm or home, if, in the
opinion of the Division of Farm and Home Purchases, the veteran is
financially able to pay the additional indebtedness without jeopardizing
payment of the Cal-Vet loan installments, and the value of the farm or
home is sufficient to secure the Cal-Vet loan and the additional
indebtedness with an adequate security margin. The Department's interest
in the farm or home must be prior and senior to any such encumbrance, and
application for the Department's consent to encumber must be made in
writing and approved prior to the recording of any security instrument for
any such encumbrance.

Note: Authority cited: Section 700, Military and Veterans Code.
Reference: Section 987.73, Military and Veterans Code.

12 CCR s 341, 12 CA ADC s 341
1CAC

12 CA ADC s 341

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