ODVA announces drop in interest rate for home loan products
The Oregon Department of Veterans' Affairs this month announced across-the-board interest rate decreases on all of its home loan products, yet another sign that 2019 could be a great time to buy a home, especially for Oregon veterans.
The Oregon Veteran Home Loan Program, which has been one of ODVA's core veteran services since the agency's inception in 1945, dropped its interest rates by 0.125 percent in February.
The interest rate decrease comes on the heels of ODVA's lending limit increase allowing veterans to borrow up to $484,350 for a single-family, owner-occupied residence in Oregon.
The Oregon Veteran Home Loan Program is coming off a banner 2018, in which participating veterans borrowed more than $102 million to purchase homes using their state veteran home loan benefit. The Oregon benefit is separate and distinct from the federal VA Home Loan Guarantee and can be used to purchase up to four homes over a veteran's lifetime.
To be eligible, a veteran must have served on active duty with the U.S. Armed Forces, as documented on his or her DD-214, and must meet one of the service criteria outlined on ODVA's website at www.oregon.gov/odva/Home-Loans/Pages/Eligibility.aspx.
For more information about the Oregon Veterans' Affairs Home Loan Program and eligibility, visit orvethomeloans.com.