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Ore. Vets' Home Loan Rate Drops to 4%
Press Release
Sept. 2, 2010
 
SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has announced their ORVETS home loan program is currently offering loan interest rates approaching historical lows.  
 
Qualified veterans may now get a fixed rate mortgage for as low as 4.00 percent with a 1.375 percent loan origination fee and a 0.125 percent discount charge, or a 4.125 percent fixed rate with a 1.375 percent loan origination fee with a 0.375 percent credit to the borrower.  
 
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. 
 
"Our agency's new reduced rates may 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 always deserve the very best we can offer them. They have served our country with distinction."
 
One requirement of the ORVET program is that honorably discharged veterans must apply before they reach the 30-year anniversary of their military discharge date. 
 
The current maximum loan amount for veterans using the ORVETS home loan program is $417,000.  Federal rules prohibit ODVA from refinancing most existing mortgages.
 
For more ORVET home loan information, contact a local mortgage lender or ODVA at 1-888-673-8387 or 503-373-2051, or visit the website: http://www.oregon.gov/ODVA/HOMELOANS/ 

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