 For Immediate Release
July 19, 2013 MEDIA CONTACTS
Steve Schlag | 503 373 2229
Nicole Hoeft | 503 373 2386
ODVA Adjusts 20-year Home Loan Rate to 2.99%
SALEM – The Oregon Department of Veterans’ Affairs (ODVA) has adjusted its competitive home loan rates and are now offering a 20-year fixed rate loan at 2.99 percent with a 1.375 percent origination fee (3.323 APR). Additionally, the program’s 30-year loan rate is now 3.375 percent with a 1.375 percent origination fee (3.615 APR) or 3.625 percent (3.754 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.
“The ORVET Home Loan Program continues to provide veterans one of the lowest home loan interest rates available to qualified home buyers,” said Cameron Smith, Director of the Oregon Department of Veterans’ Affairs.
“Our new rates remain competitive with today’s market and continue to provide our veterans a great 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, or visit www.oregon.gov/ODVA/HOMELOANS.
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