SALEM, Ore. - The Oregon Department of Veterans' Affairs announced Wednesday across-the-board interest rate reductions on all new loan applications for its home loan products, which the agency said is "yet another sign that 2019 could be a great time to buy a home, especially for Oregon veterans."
The Oregon Veteran Home Loan Program, which provides the state's veterans with one of their most important benefits, has been one of ODVA's core veteran services since the agency's inception nearly 75 years ago.
"The program offers a very viable alternative to the federal VA home loan guarantee program," says Cody Cox, Home Loan Program manager. "This rate reduction on new loan applications demonstrates our commitment to our Oregon veterans by providing them with highly competitive home loan interest rates for the summer buying season."
ODVA is a lender and servicer of home loans exclusively for veterans in Oregon and has helped nearly 340,000 veterans secure more than $8 billion in home loans since 1945. A recent lending limit increase allows veterans to borrow up to $484,350 for a single-family, owner-occupied residence in Oregon.
The Oregon Veteran Home Loan is a separate and distinct loan product from the federal VA Home Loan Guarantee benefit. If you have a federal VA guaranteed mortgage and have any questions regarding potential refunds, please contact your loan servicer or the Regional VA Loan Center at 1-877-827-3702.
To be eligible for this Oregon benefit, a veteran must have served on active duty with the U.S. Armed Forces, as documented on discharge documents (DD-214), and must meet one of the service criteria outlined on ODVA's website. For more information about the Oregon Veteran Home Loan and other eligibility requirements, please visit orvethomeloans.com or call the ODVA Home Loan department at 1-888-673-8387.