Oregon loves its Veterans and so does Klamath Falls. According to data presented on census.gov, more than 6,800 Veterans call Klamath County home. Fortunately, Oregon provides a special path to homeownership just for our Veterans. This program is different than the Federal VA Home Loan Guarantee and can be used even if you’ve already used or are no longer eligible for the Federal program.

Read on to see if you are eligible and what the benefits are of Oregon’s Veteran Home Loan Program.

Am I Eligible?

In most cases to be eligible for the Oregon Veteran Home Loan Program you must have served a minimum of 90 consecutive days (if served before January 1, 1955) or 178 consecutive days (after January 1, 1955 with honorable discharge either way. Some Veterans qualify without the minimum time requirement if they received a combat, campaign, or expeditionary ribbon or medal for service and were honorably discharged. You may also qualify if you receive a nonservice-connected pension from the United States Department of Veterans Affairs.

What Is the Benefit?

Eligible Veterans may borrow up to the Fannie Mae limit (that’s $647,200 for 2022), or up to 95% of the home’s value, whichever is lesser. The Oregon Department of Veteran’s Affairs funds the loan and does not sell or transfer their loans to other parties. ODVA has not established minimum credit scores to be able to borrow, so even Veterans with less than stellar credit scores are encouraged to apply.

Some additional benefits of the ODVA home loan are

• No minimum loan limits
• No income limitations other than evidence of ability to repay loan
• No prepayment penalty
• Fixed rate financing (as low as 3.021% as of publication)

What Can I Purchase?

Homes purchased through this program must be single-family residences located in Oregon. The Veteran must be an owner occupant of the property purchased within 60 days of closing or risk the entire loan being due immediately. Each eligible Veteran may use this program up to 4 times but only one loan may be active at a time.

If you are interested and think you may be eligible, contact us today! Having an advocate on your side who knows the programs is invaluable. Oregon thanks you for your service and so do we.

For more information, go to https://www.oregon.gov/odva/Home-Loans/Pages/default.aspx or call us!