38 C.F.R. § 36.4351 Loans, first, second, or unsecured.
Title 38 - Pensions, Bonuses, and Veterans' Relief
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 §36.4350(a). [43 FR 51016, Nov. 2, 1978]
Title 38: Pensions, Bonuses, and Veterans' Relief
PART 36—LOAN GUARANTY
underwriting standards, processing procedures, and lender responsibility and certification
§ 36.4351 Loans, first, second, or unsecured.
