The department shall not acquire a home in which the veteran has an interest of record except in the following instances:
(a) Where the application is for aid for the construction of a home upon unimproved real property owned by the applicant.
(b) Where the veteran had no interest of record in the property at the time of filing his or her application and thereafter secured interim financing pending the processing and approval of his or her application by the department.
(c) Where the application is to pay the balance due on an existing loan not insured or guaranteed by the federal government, and which bears an interest rate of more than 53/4 percent.
(d) Where the application is for purchase of a mobilehome to be situated upon real property, or an undivided interest therein, owned by the applicant.
(e) Where the veteran had a prior interest of record in the property as a result of property left in trust at the time of filing his or her application. The loan may only be used to pay the amount of any existing encumbrance.
(Amended by Stats. 2002, Ch. 465, Sec. 5. Effective January 1, 2003.)
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