                                 CODE OF VIRGINIA

SPECIAL PROVISIONS FOR HOME LOANS (§ 6.2-1183)

The loan term of a home loan shall not exceed 40 years, with interest payable at
least semiannually, except as expressly authorized elsewhere in this chapter.
Payments on the loan balance, for other than nonamortized and line-of-credit
loans, shall be made in at least semiannual installments, except that loans made
on the security of farm residences and combinations of farm residences and
commercial farm real estate may be repayable in annual installments. The loan
may be fully amortized, partially amortized, nonamortized, or a line-of-credit
loan. The loan contract may provide for the deferral of principal and
capitalization of a portion of interest, or of all interest on loans to natural
persons secured by borrower-occupied property and on which periodic advances are
being made.

HISTORY: 1985, c. 425, § 6.1-194.66; 1991, c. 230, § 6.1-194.151; 2010, c.
794.