Oregon
Department of Veterans Affairs
Available
in 15-20-25-30 year terms.
Description and Eligibility:
- Honorable
Discharge from active Duty
- Resident
of Oregon at time of application.
- Have
served 210 days of active duty other than for training; or if less
than 210 days but released or discharged due to a service related
injury or illness; or served in a theater of operations for which a
campaign or expeditionary ribbon or medal is authorized by the United
States.
- Eligibility
expires 30 years after discharge or separation from active duty.
- Eligible
Properties are limited to single-family owner occupied dwellings. Must
be classified as real property. Manufactured homes are fine as long as
the land is included. This eliminates houseboats and manufactured
homes in parks.
Maximum Loan Amount:
Subject to FNMA limits, presently $275,000.
Loan Purpose: Purchase only.
Property Types: Single Family Attached/Detached,
Condominiums or PUD's (with restrictions).
LTV - Loan to Value: Maximum 95% normally (some
restrictions may apply).
PMI - Mortgage Ins. Premium: PMI required if loan to
value exceeds 80%.
Buydowns: No.
Assumable: No.
Gift Funds Allowed: Yes, with restrictions.
Advantages:
- Enjoy
a low fixed rate for the full term of your loan. If you want to know
the interest rate, please phone me and I will give you lender
information. I don't quote interest rates on my site.
- Excellent
for first time buyers - small investment needed to close.
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