The Oregon Department of Veterans’ Affairs (ODVA) on Friday announced an increase to the maximum loan amount available through the Oregon Veteran Home Loan Program, to $647,200 effective January 1, 2022.
The Oregon Veteran Home Loan Program, which is one of ODVA’s core veteran benefits since the agency’s inception in 1945, offers eligible veterans fixed-rate financing for owner-occupied, single-family residences up to the Federal Housing Finance Agency (FHFA) Limit ($548,250 through the end of December 2021, then a maximum loan amount of $647,200 after January 1, 2022).
The Veteran Home Loan benefit is a non-expiring, lifetime benefit for any eligible Oregon veteran and may be used up to four times.
The program finances purchases only, not refinancing.
This Oregon benefit is separate and distinct from the federal VA Home Loan Guarantee and has lent approximately $8.2 billion in low-interest home loans to more than 336,000 veterans since 1945.
To be eligible, a veteran must have served on active duty with the U.S. Armed Forces, as documented on his or her DD-214, and must meet one of the service criteria outlined on ODVA’s website at https://www.oregon.gov/odva/Home-Loans/Pages/Eligibility.aspx.
For more information about the Oregon Veterans’ Affairs Home Loan Program and eligibility, please visit orvethomeloans.com.