July 18, 2019 10:50 a.m.
The Oregon Department of Veterans Affairs has announced lower interest rates for its home loan products, effective this week.
An ODVA release said the rates for Qualified Veterans Mortgage Loan Products were lowered by 0.125 percent, while the rates for Unrestricted loan products dropped 0.250 percent. The rates took effect on Wednesday.
The release said the program provides the state’s veterans with one of the most unique veteran benefits, which has been a core service since the ODVA began nearly 75 years ago.
ODVA is a lender and servicer of home loans exclusively for veterans in Oregon and has helped nearly 34,000 veterans secure more than $8 billion in home loans since 1945. A recent lending limit increase allows veterans to borrow up to $484,350 for a single family, owner-occupied residence in Oregon, according to the release.
The Oregon Veteran Home Loan is a separate and distinct loan product from the federal VA Home Loan Guarantee benefit.
To be eligible for this Oregon benefit, a veteran must have served on active duty in the U.S. Armed Forces and must meet one of the service criteria outlined on the ODVA website.
For more information go to www.orvethomeloans.com.