6.1-194.64 - (Repealed effective October 1, 2010) Initial repayments on real estate loans. - Virginia Statutes

§ 6.1-194.64. (Repealed effective October 1, 2010) Initial repayments on realestate loans.

Repayments on real estate loans shall begin not later than sixty days afterthe loan proceeds are disbursed. However, if such loan is for construction,substantial alteration, repair, or improvement of the real estate securingthe loan, repayments may begin not later than sixty months after the date ofthe first loan disbursement, and interest shall be payable at leastsemiannually until regular periodic payments begin. In the case of a homeloan where the loan proceeds are to be used for construction, substantialalteration, repair, or improvement of the security property, repayments mustbegin not later than thirty-six months after the date of the firstdisbursement, with interest payable at least semiannually until regularperiodic payments begin.

(1985, c. 425.)