[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: 38CFR36.4255]

[Page 576]
 
            TITLE 38--PENSIONS, BONUSES, AND VETERANS' RELIEF
 
          CHAPTER I--DEPARTMENT OF VETERANS AFFAIRS (CONTINUED)
 
PART 36--LOAN GUARANTY--Table of Contents
 
Sec. 36.4255  Loans for the acquisition of a lot.

    (a) A loan to finance all or part of the cost of acquisition by the 
veteran of a lot on which to place a manufactured home owned by the 
veteran shall be eligible for guaranty, Provided, That:
    (1) The veteran will acquire title to such lot that conforms to the 
requirements of Sec. 36.4253(a),
    (2) The loan is secured as required by Sec. 36.4253(d),
    (3) The lot is determined by the Secretary to be an acceptable 
manufactured homesite pursuant to Sec. 36.4208,
    (4) The portion of the loan allocated to acquisition of the lot does 
not exceed the reasonable value of the lot as determined by the 
Secretary,
    (5) The loan conforms otherwise to the requirements of the 
Sec. 36.4200 series.
    (b) The cost of lot acquisition which will not be paid from the 
proceeds of the loan must be paid by the veteran in cash from his or her 
own resources.
    (c) For the purpose of this section, acquisition of a manufactured 
home lot includes:
    (1) The refinancing of the balance owed by the veteran as purchaser 
under an existing real estate installment contract, and
    (2) The refinancing of existing mortgage loans or other liens which 
are secured of record on a manufactured home lot owned by the veteran.


(Authority: 38 U.S.C. 501, and 3712(g))

[40 FR 13215, Mar. 25, 1975, as amended at 48 FR 40231, Sept. 6, 1983]

              servicing, liquidation of security and claim