Oregon Veterans
There are differences between Oregon's home loan program for veterans and conventional loan progams.
The biggest diffence between the Oregon Department of Veterans' Affairs (ODVA) home loan program and conventional loan programs, besides the eligibility requirement, is the interest rate. While the interest rate is subject to change, loans are offered to veterans at a very attractive rate. Fees and closing costs are comparable with those of conventional loans.
The minimum down payment required for an ODVA loan is 5 percent (at the time of this article). However, if a borrower makes a down payment of less than 20 percent, mortgage insurance is required. The mortgage insurance premium used on ODVA loans is an up-front single premium paid at closing. It may be financed in the loan, as long as the total loan qoes not exceed 95 percent loan-to-valve ratio and the veteran's entitlement.
The federal Department of Veterans Affairs also offers a loan program in which it guarantees a portion of the loan made by a lender. The eligibility requirements for this program are different from those of the Oregon program, as are the uses for which a person may borrow money.
This information may become dated and is subject to change. For more Information on the United States Department of Veterans Affairs home loan program, call 1-800-827-1000.
Source: Tom Cowan, Jr., Veterans Home Loan Division.
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