Since 1945, Oregon is one of only five states in the nation that offers a state home loan to veterans. This Oregon benefit is separate and distinct from the federal VA Home Loan Guaranty and has lent Oregonians approximately $8 billion of low-interest home loans to more than 334,000 veterans.
Currently, the home loan program offers eligible veterans fixed-rate financing for:
- Owner-occupied, single-family residence
- Up to the Fannie Mae limit
- Purchase only (no refinancing is available)
- Up to four (4) home loan maximum life benefit
ODVA Home Loan Program Requirements
Additional ODVA Home Loan program requirements mentioned below are general in nature and are not to be construed as the final authority on eligibility or lending decisions.
- ODVA Loans are conventional loans and are not affiliated with the federal VA Home Loan Guaranty.
- ODVA loans are underwritten to conventional conforming FNMA guidelines
- Up to 95% LTV available.
- Private mortgage insurance is required for all loans in excess of 80% LTV
- Veterans who have established their eligibility with ODVA may apply. This is different from federal VA Home Loan Guaranty eligibility.
- Property must be located within the state of Oregon; however, veteran borrowers are not required to be an Oregon resident upon application.
- Owner-occupied primary single-family residence.
- Qualifying property types: Site built single family homes, condos, townhomes and manufactured homes affixed to land and taxed as real estate located within Oregon.
- Occupancy must occur within 60 days of closing.
- ODVA is the first lien only.
- Four (4) loan maximum lifetime benefit (only one loan may be open at the same time).
- Loan terms: 15, 20 and 30 years.
- No minimum loan limitations.
- No income limitations other than evidence of capacity to repay loan.
- No recapture penalty.
- No prepayment penalty.
- Co-borrowers may only be the lawfully wed spouse of the veteran borrower, including same-gender marriages that were performed in states where such marriages are legal; or Oregon Registered Domestic Partners.