As used in this chapter: (1) Acquisition means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes. (2) Bonds includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of credit, revolving credit agreements, loans, financing agreements or other evidence of indebtedness determined by the Department of Veterans Affairs, with the approval of the State Treasurer, to be necessary or desirable to provide funds for the purposes expressed in Article XI-A of the Oregon Constitution. (3) Fixed interest rate means an interest rate on a home or farm loan that remains the same for the term of the loan. (4)(a) Home means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran. (b) Home includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. (5) Manufactured home means a structure that is: (a) At least 20 feet in width; (b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities; (c) Intended for human occupancy; (d) Being used for residential purposes; (e) Classified and taxed as real property in the county where the structure is located; and (f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS 446.155 or the National Manufactured Housing Construction and Safety Standards Act of 1974 (P.L. 93-383). (6) Trust deed has the meaning given that term in ORS 86.705. (7) Variable interest rate means an interest rate on a home or farm loan that may change periodically during the term of the loan. [Formerly 407.010; 2001 c.98 5; 2005 c.625 15; 2019 c.223 2; 2021 c.13 1]
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