Veterans - thinking of buying a house/condo?

Because I see clients who are at risk of or already embroiled in a foreclosure, I see a lot more of the dark and ugly side of mortgage borrowing than the average person does.

So I'm not at all convinced that our so-called "American Dream" of home ownership as an aspiration for everyone is a good idea. And I urge anyone thinking about buying property to do your homework very carefully, so that you as well informed and aware of the risks as you already are of the benefits.

That said, if you are a vet and have decided that buying rather than renting is for you, you should definitely know about the home loan option available through ODVA.

The Oregon Department of Veterans’ Affairs Home Loan Program had a banner year in 2018, with an outstanding $102,044,184 in new loan origination — a 21 percent increase over the previous year and the program’s highest total in over two decades.

Behind the numbers is the remarkable fact that 362 Oregon veterans and their families were able to achieve their dream of home ownership through the ODVA home loan program in 2018. 

“It’s a great feat, and it’s really a testament to the ODVA team and their hard work,” Home Loans Program Manager Cody Cox said. “It shows their dedication to serving veterans and their home financing needs.”

Oregon is one of only five states that still offers a veteran home loan program. This Oregon benefit is separate and distinct from the federal VA Home Loan Guaranty and has lent approximately $8 billion in low-interest home loans to more than 334,000 veterans since 1945.

“The Oregon Department of Veterans’ Affairs was originally created by the Legislature in 1945 to administer the home loan program, so it is an important part of our agency’s history and identity,” said ODVA director Kelly Fitzpatrick. “We are immensely proud of the work of Home Loans Program Manager Cody Cox and his team, and their service to our veterans.”
Today, Oregon’s veteran home loan portfolio contains just shy of 2,000 units and is valued in excess of $370 million.

Currently, ODVA's home loan program offers eligible veterans fixed-rate financing for:

• Owner-occupied, single family residence
  
• Loans up to the limit set by the Federal Housing Finance Agency
• Purchase only (no refinancing is available)
  
• Up to four (4) home loan maximum life benefit

For more information about the Oregon Veteran Home Loan Program, visit www.orvethomeloans.com or call toll-free (888)673-8387.