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