(2) The security for the loan must consist of the property to be acquired by the applicant and must be secured by a mortgage or trust deed in the full amount of the loan.
(3) The mortgage or trust deed must:
(a) Be either a first lien on the property or a lien insured by mortgagee’s title insurance against loss from any prior encumbrance; and
(b) Provide that the borrower, or any subsequent owner of the secured property, may pay all or any part of the loan at any time without penalty. [Formerly 407.050; 1985 c.296 §3; 1997 c.214 §2; 2003 c.49 §1; 2005 c.20 §1; 2005 c.625 §31; 2013 c.228 §1; 2019 c.223 §12]
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