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 lowest interest rate possible and is secured through special federal bonding only available to state home loan programs.
Many of the features of ORVET loans are quite similar to Federal VA loans. For example, closing costs are limited; up to 100% financing may be available; the current maximum loan amount is $417,000; loans are not limited to “first time” home buyers; and many others.
The following features distinguish ORVET loans from Federal VA loans. For example, interest rates are generally below market and therefore lower than Federal VA loan rates. Loans are serviced by ODVA in Salem, not sold to investors. The home being purchased must be in Oregon. With ORVET loans, guaranteed acceptance loan cancellation life insurance is available. Construction loans are not available. ORVET only finances completed dwellings, no construction loans are offered.
In Oregon, many highly qualified mortgage brokers participate in the ORVET Home Loan Program.