Oregon VA cuts 20-year home loan rate to 2.5 percent

The Oregon Department of Veterans’ Affairs said Friday it has lowered its competitive home loan rates and is now offering a 20-year fixed rate loan starting at 2.50 percent with a 1.375 percent origination fee (2.685 APR).

Additionally, the program’s 30-year loan rate is now starting at 2.75 percent with a 1.375 percent origination fee (2.781 APR) or 3.00 percent (3.031 APR) with no 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.

“The ORVET Home Loan Program continues to provide veterans one of the lowest home loan interest rates available to qualified home buyers,” said Cameron Smith, Director of the Oregon Department of Veterans’ Affairs. “Our new rates remain competitive with today ‘s market and continue to provide our veterans a great 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 888-673-8387 , or visit www.oregon.gov/ODVA/HOMELOANS .