State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-3-01 > 6-1-194-66§ 6.1-194.66. (Repealed effective October 1, 2010) Special provisions forhome loans.
The loan term of a home loan shall not exceed forty years, with interestpayable at least semiannually, except as expressly authorized elsewhere inthis chapter. 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 forthe deferral of principal and capitalization of a portion of interest, or ofall interest on loans to natural persons secured by borrower-occupiedproperty and on which periodic advances are being made.
(1985, c. 425.)
