Who is Eligible and Numbers in Oregon

Who is Eligible and Numbers in Oregon

If you served during wartime (as defined by the VA) for at least 90 consecutive days or during peacetime for at least 181 consecutive days, you are eligible for the VA Home Loan Program. If you are currently on active duty, you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve, and Air Force Reserve.

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is also eligible for the VA home loan benefit.

You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan.

In Oregon, 2645 homes were purchased with a VA loan in 2012, up 16% from the previous year.  There were also 5,150 total refinance loans in Oregon, up a whopping 94.6%, no doubt driven by historically low interest rates.  VA loans in Oregon amounted to over $1.6 billion and the average loan was $214,423.  Lenders who facilitate VA loans must limit the size of those loans to $417,000 in each and every Oregon county, including Marion County, Polk County, Linn County, Multnomah County, and Lane County.

The Veterans Housing Act of 1970 eliminated all termination dates for applying for VA-guaranteed housing loans. This entitlement does not expire!

 

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