Not only do Oregon Veterans have a wider selection of homes to choose from in today's market, but they have some great program options available to them, too.

The State of Oregon's Department of Veterans' Affairs (ODVA) offers a below market rate program to eligible Veterans. Like the Oregon Bond Loan RateAdvantage program, ORVET home loan is currently offered at 5.125% interest rate on 15 to 30 year terms fixed that is fully qualified for with verifiable income and good credit. Unlike the Oregon Bond Loan, this is not a subsidized loan, nor does it have income restrictions or first time home buyer requirements.

This State home loan program varies greatly from the Federal VA loan guidelines. Four highlights of these differences are:

1. No funding fee paid on ORVET home loans
2. Loans in excess of 80% of the purchase price will require mortgage insurance
3. Only the veteran and their spouse may sign on the loan and be vested on title
4. Sellers/Lenders are not required to pay certain closing costs

For those Veterans that are eligible for this loan, it is a wonderful financing tool.

Basic Criteria for the ORVET State Home Loan program generally follow Fannie Mae guidelines and are:

• Purchase Transactions
• Owner Occupied, Single Family Home, Primary Residence
• Must be within 30 years of release from active duty with an honorable discharge AND must meet one of these service criteria:

210 consecutive days of active duty (not including training), OR

Less than 210 consecutive days of active duty, but discharged or released from active duty due to a service connected injury or illness, OR

Service in a theater of operations for a campaign or expeditionary ribbon or medal has been authorized by the U.S.

For those Veterans needing financing to purchase multiple units, wishing to purchase with parties other than their spouses, or looking for Course-of-construction financing, the Federal VA program would be the program to look at.

If you are considering purchasing a home on acreage, we'll need to look at the specific details on the specific property to make sure it will work on this program.

So, Oregon Vets, consider the ORVET State Home Loan for your home purchase financing with its limited closing costs and great interest rate.

Thank you for your service and sacrifice made for us all!

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com