6.2-1181 - (Effective October 1, 2010) Initial repayments on real estate loans. - Virginia Statutes

§ 6.2-1181. (Effective October 1, 2010) Initial repayments on real estateloans.

Repayments on real estate loans shall begin not later than 60 days after theloan proceeds are disbursed. If such loan is for construction, substantialalteration, repair, or improvement of the real estate securing the loan,repayments may begin not later than 60 months after the date of the firstloan disbursement, and interest shall be payable at least semiannually untilregular periodic payments begin. In the case of a home loan where the loanproceeds are to be used for construction, substantial alteration, repair, orimprovement of the security property, repayments must begin not later than 36months after the date of the first disbursement, with interest payable atleast semiannually until regular periodic payments begin.

(1985, c. 425, § 6.1-194.64; 1991, c. 230, § 6.1-194.151; 2010, c. 794.)