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The Oregon Department of Veterans’ Affairs (ODVA) will increase the maximum loan limit for the Oregon Veteran Home Loan for 2023, conforming to loan limits for mortgages set by the Federal Housing Finance Agency (FHFA). ODVA will now accept loans up to the new maximum loan amount of $726,200, an increase of $79,000 from $647,200 in 2022, for funding on or after January 1, 2023.
The Oregon Veteran Home Loan Program offers eligible veterans fixed-rate financing for owner-occupied, single-family residences in Oregon. 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 state benefit is separate and distinct from the federal VA Home Loan Guarantee and has lent nearly $9 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 their 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 Veteran Home Loan, and program eligibility, please visit www.orvethomeloans.com or call 800-633-6826 to speak with an ODVA home loan specialist.