                                 CODE OF VIRGINIA

INITIAL REPAYMENTS ON REAL ESTATE LOANS (§ 6.2-1181)

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

HISTORY: 1985, c. 425, § 6.1-194.64; 1991, c. 230, § 6.1-194.151; 2010, c.
794.