ODVA Oregon Veteran Home Loan
Best For: Flexible Terms, Large Loan Amounts
The ODVA Oregon Veteran (ORVET) Home Loan Program for veterans and active-duty military offers low-interest home loans across the state.
Program Description
The ODVA (Oregon Department of Veterans' Affairs) ORVET Home Loan Program offers below market interest rates and reduced mortgage insurance coverage for Oregon Veterans and Active-Duty Military. This loan program follows conventional guidelines and offers flexible loan terms. It does use the VA loan entitlement system and does not require the VA funding fee. Private Mortgage Insurance is required for down payments less than 20%.
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ODVA Oregon Veteran Home Loan
Min. Credit Score
620
Min. Down Payment
5%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Below market interest rates available
- Reduced mortgage insurance coverage requirements
- Down payments of as low as 5%
- Does not use VA loan entitlement system
- Available in all of Oregon
- Private Mortgage Insurance (PMI) required with less than 20% down payment
- No multi-family properties allowed
- Limited to standard conforming loan limits
- Not available for second homes or investment properties
Program Availability
ODVA Oregon Veteran Home Loans are available in 1 state.
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“An ORVET Home Loan can come in handy if you've surpassed your entitlement or just want to take advantage of the awesome low interest rates."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Below market interest rates and no minimum credit score
- Flexible terms (30, 20 and 15-year options available)
- Expanded eligibility options separate from standard VA benefits system
Additional Conditions
- Co-borrowers are permitted to be the legally married spouse of the veteran borrower, encompassing marriages of the same gender that have been conducted in states where such unions are recognized by law. Additionally, Oregon Registered Domestic Partners are also eligible to be co-borrowers.
- Follows Conventional Loan (Federal Housing Finance Agency) loan amount limits.
- The property in question must be situated in the state of Oregon. Nonetheless, it is not mandatory for veteran borrowers to be residents of Oregon at the time they submit their application.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
MFA FirstHome Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments
Conventional loan for low income New Mexico homebuyers with below market interest rates, low mortgage insurance, and down payment assistance options.
Utah Housing FirstHome VA Loan
Best For: Low Credit Scores, Lowest Rates, Zero Down
Financing for Utah veterans or active-duty military seeking down payment and closing cost assistance
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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