OVRET Home Loans

Since 1946, the Oregon Department of Veterans’ Affairs has helped more than 334,000 veterans realize their dreams of owning a home, loaning over $7.5 billion to veterans.

ODVA offers a state veterans home loan that is an additional and distinctively separate benefit from the Federal VA Home Loan Guaranty Program. The current maximum loan amount for a single family, owner-occupied residence is $417,000 or a veteran’s remaining eligibility amount if there has been a previous ODVA loan.   The program is designed specifically to provide veterans with the lowest interest rate possible and is secured through special federal bonding only available to state home loan programs. ODVA takes pride in achieving consistently high levels of customer satisfaction, and makes every attempt to be flexible and provide an easy application process.
Special Program Notes

  • Interest rates are generally below market
  • Closing costs are limited
  • Loans are serviced by ODVA in Salem, not sold to investors
  • No tax service fee
  • 15 to 30-year terms
  • No pricing adjustments for manufactured housing classified as real property
  • Loans may be re-amortized after unscheduled principal reductions of $3,000 or more
  • Up to 100% financing may be available
  • Guaranteed acceptance loan cancellation life insurance available
  • No recapture or prepayment penalties
  • Loans are NOT limited to “first time” homebuyers

Loan Terms

  • The current maximum loan amount is $417,000 or a veteran’s remaining eligibility if there has been a previous ODVA loan
  • The home must be in Oregon
  • The home must be the veteran’s primary residence
  • By statute, only the veteran and spouse (if applicable) are permitted to sign for financial responsibility or to be vested in title to the home
  • ODVA is prohibited from financing vacation homes, investment, commercial, personal properties, or bare land
  • Course-of-construction loans are not available. ODVA may only loan on completed dwellings

To find out if your eligible or apply today call one of our loan officers at 503.581.8100 or send us a quick email.  If you’re looking for a rate quote you can fill out the form on the right.

*source http://www.oregon.gov/ODVA/HOMELOANS/

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