Thursday, May 28, 2015

New Product - ORVET Plus 97% Home Loan

Oregon Department of Veteran Affairs has announced a new home loan program offered to eligible Veterans with as little as 3% down on owner-occupied purchase transactions. The down payment and closing costs may also be gifted or granted, as allowed. This new mortgage program is being offered in addition to the ORVET Home Loan, a product that mimics Conventional loans. A few of the key highlights aside from the favorable interest rates are as follow:
Detached 1 unit: 
  • Up to $250,000 loan amount
  • Min FICO 680
  • Max debt to income 45%
  • 2 months PITI in reserves
Manufactured 1 unit:
  • Up to $200,000 loan amount
  • Min FICO 720
  • Max debt to income 41%
  • 2 months PITI in reserves
Keep in mind there are other low down financing options such as the (Federal) VA Loan for qualified Veterans, USDA Rural as eligible, FHA, or Conventional with private mortgage insurance that may be a better fit. A side by side comparison will guide you in choosing the right home loan based on your individual needs and goals. If you would like more information or to apply for any of these loan products contact me today!

Additional Resources:

ORVET Rates

ODVA 97% Bulletin

ORVET Plus Product Features