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The Oregon Department of Veterans' Affairs and its partners help veterans and their families become home owners. Oregon is one of the few states in the nation with its own Home Loan Program, a separate and distinct program from that offered by the federal VA.
Oregon is one of only five states that offers a veteran home loan program. This Oregon benefit is separate and distinct from the federal VA Home Loan Guaranty and has lent approximately $8 billion in low-interest home loans to more than 334,000 veterans since 1945.
Currently, ODVA's home loan program offers eligible veterans fixed-rate financing for:
For many qualified veterans, the federal VA-guaranteed home
loan can significantly reduce the financial burden of a first-time home
purchase. Benefits include allowing borrowers to secure competitive interest
rates without requiring a down payment or private mortgage insurance.
How it works:
When you use your federal VA home loan benefits, the federal VA does
not actually lend the money for the home. Rather, federal VA-guaranteed loans are made
by private lenders, such as banks, savings and loans, or mortgage companies.
The federal VA guaranty means the lender is protected against loss if the borrowing
veteran fails to repay the loan.
VA home loans can be used to:
Note: In all cases, the home must be
for your own personal occupancy.
You must have suitable credit, sufficient income, and a
valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home
loan. COE’s are granted based on a number of factors related to the length and
nature of your military service. Spouses of veterans may also be eligible for
the home loan guaranty under certain conditions.
Find out more: Federal VA Home Loan Guaranty
Veterans who have available home loan guaranty entitlement may
also obtain a guaranteed loan, or possibly a direct loan, from the VA to
supplement the grants to acquire a specially adapted home.
For more information: Federal VA: Home Loans
ODVA has originated approximately $8 billion in home loans to Oregon veterans since 1945.
To start a claim, find a veteran service officer near you.
Sign up for updates from ODVA on Home Loans below:
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