§364-3 Veterans mortgage requirements.
No veterans mortgage shall be purchased:(1) If the effective date of the guarantee of the Veterans Administration therefor is prior to July 1, 1961, or if the mortgage was made prior to July 1, 1961.
(2) If the dwelling unit is more than one single family residence or if the unpaid principal balance of the loan exceeds $22,500.
(3) If the mortgagee has not complied with the law or veterans administrator's rules governing the guarantee of veterans loans and the guaranty is not in full effect.
(4) If the veterans mortgage is not secured by property in the State.
(5) If the veterans mortgage is not offered by the original mortgagee prior to any other sale thereof.
(6) If the veterans mortgage does not provide for the periodic payments thereon to include the pro rata portion of taxes, insurance, ground rent, and assessments, if any.
(7) If the veteran was not a resident of the Territory or State at the time the veteran enlisted or was inducted or commissioned into the armed forces of the United States.
(8) If under this chapter or under the Servicemen's Readjustment Act of 1944, as amended, the veteran has previously been granted a direct loan or had any home mortgage guaranteed, insured, or purchased.
Prior to the sale of a veterans mortgage the mortgagee shall certify to the effect that no default or defaults exist and that the mortgagee knows of no existing condition affecting the mortgagor or the mortgagor's affairs which in the opinion of the mortgagee will cause the veterans mortgage to become delinquent.
The director of finance may, by rule and regulation, establish such other minimum requirements which must be met by veterans mortgages to qualify for purchase, as are conducive to carrying out this chapter and are not in conflict therewith. [L 1953, c 211, §3; am L 1955, c 7, §2; RL 1955, §350-3; am L 1961, c 193, §§2 and 3(3); HRS §364-3; gen ch 1985]