[Code of Federal Regulations]
[Title 38, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 38CFR36.4234]

[Page 569-570]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
          CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS (CONTINUED)
 
PART 36--LOAN GUARANTY--Table of Contents
 
Sec. 36.4234  Title and lien requirements.

    (a) The interest in the manufactured home acquired by the veteran at 
the time of purchase shall be either:
    (1) Legal title evidenced by such document as is customarily issued 
to the purchaser of a manufactured home in the jurisdiction in which the 
manufactured home is initially sited, or
    (2) A full possessory interest convertible into a legal title 
conforming to paragraph (a)(1) of this section upon payment in full of 
the guaranteed loan.
    (b) The loan must be secured by a properly recorded financing 
statement and security agreement or other security instrument that 
creates a first lien on or equivalent security interest in the 
manufactured home and all of the furnishings, equipment, and accessories 
paid for in whole or in part out of the loan proceeds.
    (c) It is the responsibility of the lender that the veteran 
initially obtains an interest in the manufactured home meeting the 
requirements of paragraph (a) of this section and to obtain and retain a 
security interest meeting the requirements of paragraph (b) of this 
section.

[36 FR 1253, Jan. 27, 1971, as amended at 46 FR 43671, Aug. 31, 1981; 58 
FR 37860, July 14, 1993]

[[Page 570]]

               combination and manufactured home lot loans