OREGON VETERAN'S 20-YEAR HOME LOAN RATE ADJUSTED TO 2.875%

SALEM -- For the first time eight months, the Oregon Department of Veterans' Affairs (ODVA) has adjusted its competitive home loan rates and are now listing a 20-year fixed rate loan at 2.875 percent, with a 1.375 percent origination fee (3.206 APR).

The ORVET Home Loan Program always provides veterans one of the lowest home loan interest rates available to qualified home buyers.  Additionally, the program's 30-year loan rate is now 3.25 percent with a 1.375 percent origination fee (3.489 APR) or 3.50 percent (3.628 APR) with no origination fee.

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

"These are very competitive rates for today's market," said Cameron Smith, Director of the Oregon Department of Veterans' Affairs.  "Our new rates, combined with today's improved and competitive home market, will provide our veterans an even greater opportunity to buy a home."

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.  Also, the ORVET program may be able to refinance a non-ORVET home loan if the loan is less than 18 months since origination.

For more information about eligibility and rate details, contact ODVA's Home Loan Department at 888-673-8387.

Contact Info:
Steve Schlag, 503.373,2229
Nicole Hoeft, 503.373.2386