Oregon VA drops veteran home loan rate

The Oregon Department of Veterans’ Affairs (ODVA) has once again dropped its 20-year fixed rate home loan to 2.75 percent (3.362 APR).

The ORVET Home Loan Program continues to provide one of the lowest home loan interest rates available to qualified veteran home buyers. Additionally, the program’s 30-year loan rate is now 3.125 percent with a 1.375 percent origination fee (3.62 APR) or 3.375 percent (3.502 APR) with no origination fee.

Even if a veteran has purchased a home using the federal VA program, they may still be eligible for an ORVET home loan. The ORVET Home Loan Program is a state of Oregon veteran benefit and is separate from the federal VA home loan guaranty program.

“We continue to strive to provide our veterans and their families the very best of what we can offer them,” said Jim Willis, Director of the Oregon Department of Veterans’ Affairs. “These new competitive low rates combined with today’s home market will provide our veterans an even greater opportunity to buy a home.”

The ORVET Home Loan is a lifetime benefit for eligible veterans with a maximum loan amount of $417,000 for a single family, owner occupied residence.

For more information about eligibility and rate details, contact ODVA’s Home Loan Department at 1-888-673-8387, or visit www.oregon.gov/ODVA/HOMELOANS.