SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has announced they are currently offering home loan interest rates approaching 30 year lows. Using the agency’s ORVETS home loan program, qualified veterans may now get a fixed rate mortgage for as low as 4.875 percent with a 1.5 percent loan origination fee, or a 4.99 percent loan rate with a 1 percent origination fee.

 

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.

 

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.

 

A requirement for the ORVET program is that veterans must apply before they reach the 30-year anniversary of their military discharge date.

 

"Our veterans have served our country with distinction and they deserve the very best we can offer them. These new reduced rates that we offer may allow some of them to take advantage of a great opportunity for home ownership," said Jim Willis, Director of the Oregon Department of Veterans’ Affairs.

 

For more information about ORVET home loans, contact a local mortgage lender or ODVA at 1-888-673-8387 or 503-373-2070.

 

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