Who can I contact to process an ODVA Home Loan?
Please contact the ODVA Home Loan Department at 1-888-673-8387.
Can a veteran own other property at the time they apply for an ODVA loan?
Yes. There is no limitation on how many other properties a veteran may own.
May I refinance my existing home loan through ODVA?
Generally, no. Federal law strictly limits ODVA’s ability to refinance existing mortgages. ODVA must close its new loan before a veteran has had an ownership interest in the property for 18 months at any time in the last 3 years, except in the case of construction loan payoffs in which case ODVA may extend out to 24 months. ODVA is also prohibited from refinancing its own loans, or allowing any equity or cash back to the borrower.
Are automatic payments an option to pay my mortgage?
Absolutely. Through this service, loan payments are deducted directly from your bank account, eliminating the hassle of sending in a check every month. To authorize an automatic payment service for your ORVET Home Loan, just fill out a Home Loan Program Automatic Payment Service Authorization
Will ODVA finance a manufactured home in a rental park or on leased land?
No. Statute limits ODVA to lending on real property only. Manufactured homes in parks, on leased or rented land are considered personal property.
Will ODVA finance a manufactured home and land combination?
In many circumstances ODVA may be able to finance the purchase of a multi-unit manufactured home and land combination.
Can ODVA make me a construction loan to build my home?
No. ODVA does not have the ability to make course-of-construction loans. However, ODVA may be able to pay off a construction loan from another lender.
Are ODVA loans and Federal VA loans the same thing?
No. ODVA is an actual lender, and we service our loans at our Salem headquarters. ODVA loans are available only to eligible qualified veterans purchasing a primary residence within the state of Oregon. The federal VA ensures loans made by other Mortgage Lenders, servicing of the loans are not generally guaranteed and may be resold without the Veteran's foreknowledge. This is an additional benefit to the Veteran.
If I have had a Fed VA loan will that impact my ability to get an ODVA loan?
No, previous or contemporaneous Federal VA loans will not impact your ODVA eligibility.
Is the ODVA loan availability a lifetime benefit?
Yes. In November 2010, Oregon voters approved ballot Measure 70, expanding eligibility for the ORVET Home Loan as well as eliminating the 30-year eligibility restriction. The loan is now a lifetime benefit.
Will ODVA make farm loans?
No. Due to a change in the Federal tax laws ODVA is no longer able to lend against any sort of income-producing property.
Will ODVA make loans on rental property?
No. Property securing an ODVA loan must be a single-family dwelling and the veteran borrower’s primary residence.
How much may an eligible veteran borrow?
Currently, ODVA’s maximum eligibility and loan amount is $417,000. A veteran who has not previously had an ODVA loan may be able to borrow up to that amount upon approved credit and property allowing. Note, however, that a veteran’s first loan with ODVA will reduce his or her remaining eligibility amount by the amount of the first loan. For example, a veteran has a $417,000 eligibility, and borrows $200,000 for their first loan, the remaining eligible loan amount is $217,000.
How many ODVA home loans may an eligible veteran obtain in a lifetime?
Generally, the maximum number of home loans is two. A restoration of loan rights does not eliminate a counting loan. Sometimes special circumstances allow a veteran’s used-up eligibility to be reinstated. An example might include being reassigned to a distant city within the state by an employer.
Will ODVA make loans for the purchase of condominium units or townhouses?
Generally, yes. The maximum loan-to-value ratio for condominiums is 80% of the lesser of the purchase price or allowed appraised value.
Will ODVA allow parents, “significant others”, or life partners as co-borrowers or co-signers on a loan?
No. Federal law restricts ODVA to lending to the eligible veteran and his or her lawfully-wed spouse.
If I buy a house using an ODVA loan, can I move out after a few months or a year and convert it to a rental?
Not unless you refinance the property with another lender. Federal rules require that ODVA loans be secured by an owner-occupied, primary, single family residence.
Did I have to enter the service from Oregon or be discharged back into Oregon in order to obtain an ODVA loan?
How long must I live in Oregon before I can apply for an ODVA loan?
There is no minimum residency period.
I have a service-connected disability, does that qualify me for any special discounts on an ODVA loan?
No, not as it pertains to an ODVA originated loan.
If I am eligible for an ODVA loan, does that mean that the loan is automatically approved?
No. All ODVA loans are subject to ODVA’s underwriting criteria concerning the applicant’s financial capacity, credit, and the property.
Can I lock an interest rate on an ODVA application?
A participating Lender or Mortgage Broker can “lock” a rate for 60 days. If the lock expires before the loan closes, the interest rate will adjust upwards if ODVA has raised interest rates, or remain the same if ODVA has lowered rates.
Does ODVA offer a home improvement loan?
ODVA does have a home improvement product, but federal laws governing the program are so restrictive that the majority of applicants are ineligible. Briefly:
The ODVA home improvement loan must be either a first mortgage on a free and clear primary residence, or it must be the second mortgage behind an existing ODVA first mortgage; AND
The combined balances of the existing ODVA first mortgage and the new home improvement loan cannot exceed 80% of the value of the dwelling; AND
The improvements must be completed and the costs strictly documented before ODVA can close the home improvement loan; AND
The improvement must pertain to the basic livability of the dwelling, such as a new roof or plumbing repairs. Federal law precludes using the loan proceeds for such improvements as hot tubs, landscaping, swimming pools, or outbuildings.