Oregon vets’ home loan rates drop

Published 11:57 am Sunday, February 10, 2008

SALEM – Home loan rates for qualified Oregon veterans have dropped below 5 percent, approaching 30-year lows.

The Oregon Department of Veterans’ Affairs’ ORVETS home loan program allows qualified veterans to get a fixed-rate mortgage for as low as 4.875 percent with a 1.5 percent loan origination fee or a 4.99 percent loan rate with a 1 percent origination fee. The maximum loan amount for veterans using the program is $417,000.

The state’s home loan program is separate from the federal VA home loan guaranty program. Veterans who have purchased a home using the federal VA program may still be eligible for an ORVET home loan. To qulify for the ORVET program, veterans must apply before the 30-year anniversary date of their military discharge.

For more information about ORVET home loans, contact a local mortgage lender or ODVA at (888) 673-8387 or (503) 373-2070.