Tuesday, October 23, 2012

Home loan rates drop to historic lows for veterans

SALEM - For the second time in less than a month, the Oregon Department of Veterans' Affairs (ODVA) has reduced its home loan rates. A 30-year fixed rate loan is now 2.99 percent (3.225 APR).

Additionally, the ORVET Home Loan Program's 20-year loan rate is now 2.625 percent (3.62 APR) and 3.25 percent (3.376 APR) for a 30-year fixed rate loan with no origination fee.  ORVET continually offers one of the lowest and more competitive home loan interest rates available to qualified veteran home buyers.

The ORVET Home Loan Program is a state of Oregon veteran benefit and is separate from the federal VA home loan guaranty program.  Even if a veteran has purchased a home using the federal VA program, they may still be eligible for a home loan through the ODVA.

"These very low competitive rates coupled with today's home market will give our qualified veterans an even greater opportunity to buy a home," said Jim Willis, Director of the Oregon Department of Veterans' Affairs. "ODVA is a gateway for veteran borrowers to some of the most competitive rates available."

The ORVET Home Loan is a lifetime benefit for eligible veterans with a maximum loan amount of $417,000 for a single family, owner occupied residence.

For more information about eligibility and rate details, contact ODVA's Home Loan Department at 1-888-673-8387, or visit their website here.

Posted Oct. 23, 2012

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