What is an ODVA Loan?
The Oregon Department of Veterans' Affairs (ODVA) offers a unique home loan program exclusively for Oregon veterans, providing an excellent opportunity for homeownership with favorable terms. This state benefit is separate from the federal VA Home Loan Guaranty and has been serving veterans since 1945, with over $8 billion in low-interest home loans provided to more than 334,000 veterans. (oregon.gov)
Key Features of the ODVA Home Loan Program:
Competitive Interest Rates: ODVA home loans often feature interest rates that are typically lower than current market rates, thanks to funding through tax-free state general obligation bonds known as Qualified Veterans Mortgage Bonds (QVMB). (oregon.gov)
No Funding Fee: Unlike federal VA loans, the ODVA program does not require a funding fee, which can range from 1.5% to 3.3% of the loan amount in other programs.
Local Servicing: ODVA retains and services all its loans through their facility in Salem, Oregon, ensuring consistent and personalized service for borrowers.
Flexible Eligibility: Current Oregon residency is not required at the time of application. Veterans relocating to Oregon from out of state qualify as long as they intend to occupy the residence as their primary home within 60 days of purchase.
Common-Sense Underwriting: Since ODVA services the loans for their duration, they have the flexibility to make adjustments and exceptions in underwriting, potentially accommodating veterans who might not qualify for other loan programs.
Program Details:
Property Type: The loan can be used for owner-occupied, single-family residences.
Loan Limits: Financing is available up to the Fannie Mae limit.
Purpose: The program is designed for purchase transactions only; refinancing existing mortgages is not available.
Lifetime Benefit: Eligible veterans can utilize the program for up to four home loans over their lifetime. (oregon.gov)
Eligibility Criteria:
To qualify for the ODVA Home Loan Program, applicants must be veterans who served on active duty with the U.S. Armed Forces and were discharged under honorable conditions. Specific service requirements and eligibility details can be found on the ODVA website. (oregon.gov)
Getting Started:
If you're an Oregon veteran interested in exploring the benefits of the ODVA Home Loan Program, the Smith Mortgage Team is here to assist. Our experienced professionals can guide you through the eligibility requirements, application process, and help you secure a loan that best fits your needs. Contact us today to take the first step toward homeownership with the support of the ODVA Home Loan Program.
The ODVA Home Loan Program stands as a testament to Oregon's commitment to its veterans, offering tailored benefits that make homeownership more accessible and affordable. By understanding and leveraging these unique advantages, veterans can achieve their homeownership goals with confidence and support.
