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Ore. Veterans Home Loan Rates Drop to 3.25%
Press Release
Dec. 2, 2010
 
SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has announced their ORVETS Home Loan Program is now offering loan interest rates at near historical lows.  
 
Qualified veterans may now get a 15-year fixed rate mortgage for 3.25 percent with a 1.375 percent loan origination fee (3.518 percent APR), or a 3.75 percent fixed rate with a 1.375 percent loan origination fee (3.902 percent APR) for a 30-year term.  
  
The ORVET Home Loan Program is a state of Oregon veteran benefit and is separate from the federal VA home loan guaranty program.  Even if a veteran has purchased a home using the federal VA program, they may still be eligible for an ORVET home loan. 
 
"These new reduced rates offered by our agency will allow some veterans to take advantage of a great opportunity for home ownership," said Jim Willis, Director of the Oregon Department of Veterans' Affairs.  "Oregon veterans have served our country with distinction and always deserve the very best we can offer them."

In November, Oregon voters approved ballot Measure 70, expanding veteran eligibility for the ORVET Home Loan as well as eliminating the constitutional 30-year eligibility restriction.  The ORVET Home Loan is now a lifetime benefit for eligible veterans.
 
ORVET’s current maximum loan amount is $417,000 for a single family, owner occupied residence.
 
For more ORVET Home Loan information and rate details, contact ODVA’s Home Loan Department at 1-888-673-8387 or 503-373-2051, or visit http://www.oregon.gov/ODVA/HOMELOANS.

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