ODVA offers a state veterans' home loan (ORVET) that is an additional and distinctively separate benefit from the USDVA (Federal VA) Home Loan Guaranty Program.

SPECIAL PROGRAM NOTES
• Interest rates are generally below market.
• No discount points are charged.
• Closing costs are limited.
• Loans are serviced by ODVA in Salem, not sold to investors.
• No tax service fee.
• 15 to 30 year terms.
• 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.
• No pricing adjustments for manufactured housing classified as real property.

 

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 being purchased must be within the State of 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 with title to the home.
• The value of excess acreage or significant outbuildings may not be wholly allowable in the value consideration for a loan. Call ODVA for specific details on specific properties.
• 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.

The Oregon Department of Veterans' Affairs has provided low-interest home loans to eligible Oregon veterans since 1945 and has funded over 333,000 home loans providing the state more than $7.5 billion in economic impact.

 

Please visit, click or call us with any questions regarding the ODVA Home Loan program.

Call toll-free

1-888-ORE-VETS

1-888-673-8387 or

(503) 373-2070

E-mail:  orvetshomeloans@odva.state.or.us

 

NOTICE: Internet e-mail is not secure. To accurately respond to your e-mail inquiry we ask that you provide the following information- your name, mailing address, your daytime phone or telefax number and the dates of your military service.