Friday, June 8, 2012

Oregon VA Loan Lowers Rate Adds 20 Year Term

The ORVET Home Loan Program lowered their rate... again. They have also added a 20 year term in addition to the 30 year and 15 year options. This loan program is not the same as the VA Home Guaranteed Loan Program but is underwritten, funded, and serviced by the State of Oregon ODVA through a special federal bond. The ODVA loan program is a close match to a conventional loan in underwriting, requires mortgage insurance if not putting 20% down, and allows loan limits up to $417,000. The loan is available to eligible active duty veterans for the purchase of a primary residence. The ODVA Loan carries no funding fee, typically offers a rate below market, and even lends on manufactured homes. Added benefits include payment re-amortized with a principal reduction of $3000 plus and optional loan cancellation insurance.

You can find the current rate and additional program information at the the OR VET Home Loan webpage.

To apply for this or any other loan program contact me today.