The U.S. Department of Veterans Affairs (VA) loan is designed to offer long-term financing, often with very favorable terms, to eligible veterans, surviving spouses (provided they do not remarry), and active duty members of the US Army, Navy, Air Force, Marines and Coast Guard. Members of the Reserves and the Public Health Service may also be eligible.
For nearly 70 years, the VA home loan has made it possible for over 18 million families to experience the pride of homeownership. In 2012, there was $119 billion in VA lending in the U.S. In Oregon, VA loans exceeded $1.67 billion in lending. In Oregon, these are generally in both rural and metro areas and small cities and towns outside the boundaries of larger cities like Portland, Salem, Keizer, Eugene, Albany, Corvallis, Bend, Grants Pass, Medford, McMinnville, Tigard, Beaverton and Oregon City.
VA loans are issued by qualified lenders, like Rock River Financial, to qualified borrowers and are guaranteed by the VA. VA loans are offered in both fixed and adjustable-rate terms to purchase a home, refinance a home, or for home improvement projects. VA loan rates generally follow the market, just like conventional loans, but there are many advantages unique to the VA loan which tends to make it the best option for most military families in Oregon looking to purchase.
Features such as no down payment requirement, (zero down payment), and no monthly mortgage insurance (PMI) are money-saving advantages. VA loans also allow veterans to qualify for loan amounts larger than traditional Fannie Mae conforming loans and borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less. As of 2012, the maximum VA loan amount with no down payment is usually $625,500.
VA loans are a very popular option with home buyers–for a number of good reasons. We have helped many Oregon Veterans purchase their dream home.