Home Loan Program: The Federal Housing Finance Agency establishes maximum loan amounts for mortgages each year, and the Oregon Department of Veterans Affairs (ODVA) will raise the maximum loan amount for the Oregon Veteran Home Loan in 2023 so that it is in line with these maximums (FHFA). For funding on or after January 1, 2023, the ODVA will now take loans up to the new maximum loan amount of $726,200, which is an increase of $79,000 over the previous maximum loan amount of $647,200 in 2022.
The Oregon Veterans Home Loan Program Has Been Expanded
The Oregon Veteran Home Loan Program provides qualified veterans with a fixed-rate mortgage option for purchasing a single-family home in Oregon that will be used as their primary residence. Any veteran who served their country in Oregon and is eligible may make use of the veteran home loan product an unlimited number of times during their lifetime. This benefit does not expire. Only new purchases are eligible for financing through the program; existing loans cannot be refinanced in any way.
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This state benefit is not connected to or part of the federal VA Home Loan Guarantee program. Since 1945, this state benefit has provided more than 336,000 veterans with access to approximately $9 billion in low-interest mortgage loans.
The Oregon Department of Veterans’ Affairs (ODVA) will increase the maximum loan limit for the Oregon Veteran Home Loan for 2023, conforming to loan limits for mortgages set by the Federal Housing Finance Agency (FHFA). ODVA will now accept loans up… https://t.co/jgr9l0QmI2
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A veteran must have served on active duty with one of the United States Armed Forces, as evidenced by their DD-214, and must meet one of the service criteria specified on the ODVA website in order to be eligible for the benefits offered by the organization.
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