American Flag - VA Loans - ODVA Loans

VA Loans

The Department of Veterans Affairs guarantees VA Loans, which are used to finance the following: a purchase of an owner-occupied, VA-approved residence that is a single family home, townhouse or condominium; building a home; and buying and renovating a home. Oregon Department of Veterans Affairs (ODVA) loans offer veterans living in Oregon a home loan, but it is somewhat different from a VA loan. Oregon National Guard members often use this loan program. Contact your military service to determine your eligibility.

Typical Loan Features – VA Loans

  • Available loan amount up to $424,000
  • 100% financing available for Federal VA loans
  • Low interest rates & closing costs
  • VA loans have no prepayment penalties.
  • VA loans offer both fixed or adjustable interest rate plans.
  • VA loans may allow sellers to pay up to 4% of the reasonable value of the property.
  • VA loans do not require PMI.
  • VA loans have flexible credit requirements.
  • ODVA loans secured with federal bonding.
  • ODVA loans may have limited closing costs.
  • ODVA loans have no tax service fee.
  • ODVA loan terms are for 30 or 15 years.
  • ODVA loans provide guaranteed acceptance loan cancellation.
  • ODVA loans not limited to first time buyers.

Typical Loan Requirements – VA Loans

  • Single family primary residence
  • Specific service time requirements
  • Properties must meet guidelines.
  • Minimum 600 FICO credit score
  • Maximum of one VA or ODVA loan allowed at one time
  • VA loans require veteran status, but are available to spouses.
  • Funding fee for VA loan
  • ODVA loans require state veteran status, but are available to spouses.
  • 5% down for ODVA loans

 

U.S. Department of Veterans Affairs – Home Loans Service