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Information For Mortgage Professionals
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Eligibility and Application | Current Interest Rates | FAQ's | Loan Cancellation Insurance | Properties for Sale
ORVET Home Loans for Your Veteran Clients
The Oregon Department of Veterans' Affairs (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. The current maximum loan amount for a single family, owner occupied residence is $417,000 or a veteran’s remaining eligibility amount if there has been a previous ODVA loan.
The ORVET Home Loan is an ideal product for those who served their country in uniform. The program is designed specifically to provide veterans the lowest interest rate possible and is secured through special federal bonding only available to state home loan programs. ODVA takes pride in achieving consistent high levels of customer satisfaction, and makes every attempt to be flexible and provide quality customer service.
Underwriting Synopsis
ORVET Home Loan is underwritten to Fannie Mae standards. Click here for an underwriting synopsis.
Special Program Notes
- Interest rates are generally below market.
- Closing costs are limited.
- Loans are serviced by ODVA in Salem, not sold to investors.
- No tax service fee.
- 15 to 30-year terms.
- No pricing adjustments for manufactured housing classified as real property
- Loans may be re-amortized after unscheduled principal reductions of $3,000 or more.
- 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.
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 in 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.
- 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.
Forms for Mortgage Brokers
Veterans Home Loan Eligibility (409-ME)
Interest Rate/Origination Fee (2311-ME)
New Loan Escrow Account Options (2232-DE)
Addendum to Residential Loan Application (2033-ME)
Forms for Mortgage Lenders
Veterans Home Loan Eligibility (409-ME)
Interest Rate/Origination Fee (2311-ME)
New Loan Escrow Account Options (2232-DE)
Addendum to Residential Loan Application (2033-ME)
Representations/Warranties/Certifications of Hazard Insurance (2036-M)
Addendum to Deed of Trust (2034-M)
If you would like more information about the ORVET Home Loan Program or would like to learn how to become an approved broker, please contact:
Loan Program Manager
Toll-free within Oregon 1-888-ORE-VETS | 1-888-673-8387 Ext. 2229
Outside of Oregon 503-373-2229
orvetshomeloans@odva.state.or.us
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