6.2-1183 - (Effective October 1, 2010) Special provisions for home loans.
§ 6.2-1183. (Effective October 1, 2010) Special provisions for home loans.
The loan term of a home loan shall not exceed 40 years, with interest payableat least semiannually, except as expressly authorized elsewhere in thischapter. Payments on the loan balance, for other than nonamortized andline-of-credit loans, shall be made in at least semiannual installments,except that loans made on the security of farm residences and combinations offarm residences and commercial farm real estate may be repayable in annualinstallments. The loan may be fully amortized, partially amortized,nonamortized, or a line-of-credit loan. The loan contract may provide for thedeferral of principal and capitalization of a portion of interest, or of allinterest on loans to natural persons secured by borrower-occupied propertyand on which periodic advances are being made.
(1985, c. 425, § 6.1-194.66; 1991, c. 230, § 6.1-194.151; 2010, c. 794.)