ODVA raises lending limit for veterans’ home loans

The Oregon Department of Veterans Affairs Home Loan Program said Monday it has an increased limit for veteran home loans. Starting this year, ODVA will accept loan applications up to a maximum of $484,350, an increase from $453,100 in 2018.

In so doing, the department is following the lead of the Federal Housing Finance Agency, which announced the maximum conforming loan limits for 2019 at the end of last year. The Housing and Economic Recovery Act of 2008 requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.

The new loan limits took effect Jan. 1. This marks the third year in a row that the lending limit has been increased.

“The Oregon Department of Veterans’ Affairs is pleased to accept loan applications at the increased limit for 2019,” Home Loan Program Manager Cody Cox said. “It is important that our loan limits are increased to match rising home prices, so that as many Oregon veterans as possible are able to pursue their dream of home ownership.”

For more information about the Oregon Veterans’ Affairs Home Loan Program, or to see if you qualify, visit orvethomeloans.com.