(a) For purposes of this section, “purchaser” includes any veteran whose only loan with the department is for the purpose of a home improvement on property that is the principal place of residence of the veteran.
(b) (1) Out of any money available in the Veterans’ Farm and Home Building Fund of 1943, the department may advance to a purchaser upon his or her application, and under the policies as the department may, from time to time, prescribe, sums for the purpose of making alterations, repairs, or improvements on or in connection with the principal place of residence of the purchaser.
(2) Notwithstanding any other provision of law, in making the advances described in paragraph (1), the department may secure that advance by issuing a deed of trust, a promissory note, or other security interest that is subordinate to any existing financing on the principal place of residence of the purchaser.
(c) The department shall be the sole judge of the need and desirability of making advances and the method of repayment by the purchaser under this section.
(Amended by Stats. 2003, Ch. 441, Sec. 4. Effective January 1, 2004.)