SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has announced the ORVETS home loan program is currently offering loan interest rates approaching 30 year lows.  

Qualified veterans may now get a fixed rate mortgage for as low as 4.75 percent with a 1.5 percent loan origination fee, or a 4.875 percent rate with a 1 percent origination fee.
 
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 veterans always deserve the very best we can offer them. They have served our country with distinction," said Jim Willis, Director of the Oregon Department of Veterans' Affairs.  "Our agency’s new reduced rates may allow some of them to take advantage of a great opportunity for home ownership."

A requirement for the ORVET program is that 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 information about ORVET home loans, contact a local mortgage lender or ODVA at 1-888-673-8387 or 503-373-2051.
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