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ORVETS Home Loan Rate Drops to 3.75%
Press Release
Oct. 17, 2011
SALEM -- The Oregon Department of Veterans' Affairs (ODVA) has again lowered their 30-year term fixed home mortgage rate, this time to 3.75 percent for qualified veteran home buyers. 
 
The ORVET Home Loan Program offers one of the lowest home loan interest rates available. This rate includes a 1.375 percent loan origination fee with an APR of 3.902 percent.
 
The ORVET Home Loan Program is an Oregon veteran benefit, 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. 
 
"This new reduced rate will allow more veterans to take advantage of a great opportunity to own a home," said Jim Willis, Director of the Oregon Department of Veterans' Affairs.  “Because of their brave sacrifice and service to our country, our veterans always deserve the very 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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