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The Oregon Department of Veterans’ Affairs (ODVA) has decreased interest rates on all new loan applications for its home loan products, resulting in the program’s lowest-ever rates in its 75-year history.
The Oregon Veteran Home Loan Program, which has been one of ODVA’s core veteran services since the agency’s inception in 1945, is dropping interest rates on all new loan applications by 0.250%, effective Monday, December 14. The new interest rates can be seen in this rate sheet.
The ODVA program offers eligible veterans fixed-rate financing for owner-occupied, single-family residences up to the Federal Housing Finance Agency Limit ($510,400 through the end of December 2020, then a maximum loan amount of $548,250 after January 1, 2021).
The home loan program is a non-expiring, lifetime benefit for any eligible Oregon veteran and may be used up to four times. The program cover purchases only, not 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 Veterans’ Affairs Home Loan Program and eligibility, please visit orvethomeloans.com.