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ORVET Home Loan Rate Lowers to 3.65%
Press Release
Nov. 11, 2011
 
SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has again lowered their 30-year term fixed home mortgage rate, this time to 3.65 percent for qualified veteran home buyers. 
 
The ORVET Home Loan Program offers one of the lowest home loan interest rates available for 30- and 15-year term loans.  The APR on a 30-year fixed rate loan is 3.714 percent while a 15-year fixed rate loan has an APR of 3.765 percent.
 
The ORVET Home Loan is an Oregon veteran benefit and is separate from the federal VA home loan guaranty program.  Veterans may still be eligible for an ORVET home loan even if they have previously purchased a home using the federal VA program. 
 
“The ODVA wants to make it possible for even more veterans to take advantage of an outstanding opportunity to own a home,” said Jim Willis, Director of the Oregon Department of Veterans' Affairs.  “They gave their very best while serving America so, our veterans and their families always deserve the best we can offer them.”

The ORVET Home Loan is a lifetime benefit for eligible veterans after Oregon voters approved ballot Measure 70 last year.  The measure expanded veteran eligibility for the ORVET Home Loan and eliminated the previous constitutional 30-year eligibility restriction. 
 
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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