Oregon Vets, Including Vietnam Era Vets, Now Have Loan Program for Home Purchases at 3.75%, 30 Year Rate.

Measure 70 passed in the recent election, and the Oregon DVA website has been updated with new interest rates and a process to establish eligibility for the new home loan program:

ORVET Home Loan Rate Drops to 3.25% Fixed

Qualified veterans may now get a 15-year fixed rate mortgage for as low as 3.25% with a 1.375% loan origination fee. 30-year terms are available for as low as 3.75% fixed, with the same loan origination fee as the 15-year term. The current maximum loan amount using the ORVETS home loan program is $417,000 for a single family, owner occupied residence.

Starting in January 2011, veteran eligibility has expanded with the help of the passage of Measure 70. The ORVET Home Loan is now a lifetime benefit. 

Details about the new program, including how to establish eligibility, are available HERE.

Originally created and posted on the Oregon Housing Blog.