Welcome to the complete resource for VA home loans in the state of Oregon. Rock River Financial offers both federal and state veteran home loans. Whether you’re looking for rates, eligibility requirements, or have questions about how to refinance a VA loan – we’re here to help!

 

VA loans eliminate Private Mortgage Insurance (PMI)

VA loans eliminate Private Mortgage Insurance (PMI) With conventional loans through the Fannie Mae, PMI is additional insurance that lenders require for most home buyers who obtain loans that are more than 80% of their new home’s value.  In other words, buyers with less than a 20% down payment are normally required to pay PMI. However, qualifying for a VA loan signifies a certain level… Read More

Refinancing and Home Improvement

Refinancing and Home Improvement In a refinance, where a new VA loan is created, Oregon Veterans may borrow up to 100% of reasonable value.  In a refinance where the loan is a VA loan refinancing an existing VA loan (Interest Rate Reduction Refinance or IRRL refinance) a vet may borrow up to 100.5% of the total loan amount. The additional half percent is the funding… Read More

Income and Credit Requirements

Income and Credit Requirements VA-guaranteed loans are available for homes for your own personal occupancy. To be eligible, you must have a good credit score (Minimum Credit Score of 640), sufficient income, a valid Certificate of Eligibility (COE), and meet certain service requirements. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs…. Read More

State of Oregon vs Federal VA Loans

State of Oregon vs Federal VA Loans Since 1946, the Oregon Department of Veterans’ Affairs (ODVA) has helped more than 334,000 veterans own a home, loaning over $7.5 billion to veterans.  ODVA offers the ORVET Home Loan Program, a state veterans’ home loan that is an additional and distinctively separate benefit from the Federal VA Home Loan.  The program is designed to provide veterans the… Read More

Funding Fee for VA Loan

Funding Fee for VA Loan In addition to the zero down payment feature, the government limits the amount of closing costs, appraisal fees and origination fees lenders can charge our Oregon Veterans.  Fees range from 1 1/4 percent to 3.15 percent, depending on the veteran’s service and whether it’s a first or subsequent loan.  Contact our office in Salem to get more details on what… Read More

VA Loans Offer Option of Zero Down-payment

Accumulating enough savings for a down payment, closing costs, moving costs and an extra cushion of emergency savings can be the most challenging aspect of buying a home.  VA loans provide a much needed funding stream for people who either can’t afford the usual down payment on a mortgage or for those people who want to use that nest egg for other purposes. These days,… Read More

Fannie Mae Selling Homes Again

More great buys hit the market in Oregon.  Fannie Mae has started to move backed up Foreclosure inventory in most of the major markets in our Oregon.   We have seen many new listings in Salem, Eugene, Portland and Roseburg just to name a few.  Fannie Mae offers the unique HomePath financing to help buyers purchase these distressed properties.  Check your area for a possible Homepath Purchase… Read More