Maximum amount set to increase on Oregon veteran home loans
SALEM, Ore. (KTVZ) — The Oregon Department of Veterans Affairs announced an increase in the maximum loan amount available through the Oregon Veterans’ Home Loan Program to $647,200 effective Jan. 1, 2022. .
Oregon’s Veterans Home Loan Program, which has been one of ODVA’s premier benefits for veterans since the agency’s inception in 1945, provides eligible veterans with 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 Veterans Home Loan Benefit is a non-expiring lifetime benefit for any eligible Oregon Veteran and can be used up to four times. The program only finances purchases, not refinancing.
This Oregon benefit is separate 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 in the U.S. Armed Forces, as noted on their DD-214, and must meet one of the service criteria outlined on the ODVA website at address https://www.oregon.gov/odva/Home-Loans/Pages/Eligibility.aspx.
For more information on the Oregon Veterans Home Loan Program and eligibility, please visit orvethomeloans.com.