The Oregon Department of Veterans’ Affairs (ODVA) has announced a rate reversion to its low-interest rates on its home loan products. This reversion is a return to the previous rate and fee structure established prior to October 2021.
The Oregon Veteran Home Loan Program, which has been one of ODVA’s core veteran services since the agency’s inception in 1945, is now offering new rates tailored to the borrower’s program and the amount of fees paid, which went into effect Wednesday, January 12. The new interest rates can be seen in the linked rate sheet.
The Home Loan program offers eligible veterans fixed-rate financing for owner-occupied, single-family residences up to the newly increased Federal Housing Finance Agency Limit of $647,200 as of January 1, 2022. This maximum loan amount accommodates purchases within the median home price values statewide.
The veteran home loan product is a non-expiring, lifetime benefit for any eligible Oregon veteran and may be used up to four times. The program provides financing for purchases only, and cannot be used for refinancing.
This Oregon benefit is separate and distinct from the federal VA Home Loan Guarantee and has lent approximately $8.2 billion in low-interest home loans to more than 336,000 veterans since 1945.
To be eligible, a veteran must have served on active duty with the U.S. Armed Forces, as documented on his or her DD-214, and must meet one of the service criteria outlined on ODVA’s website.
For more information about the Oregon Department of Veterans’ Affairs Home Loan Program, program eligibility, or to find a broker near you, please call (800) 633-6826 to speak with a loan specialist or visit www.orvethomeloans.com.