Veterans in our state have a variety of state and federal programs that they qualify for as a result of their service to our country, especially for real estate. For example, the U.S. Department of Veterans Affairs helps veterans and their surviving spouses purchase a home. In addition, since 1945, Oregon offers veterans a state-run home loan program through the Oregon Department of Veterans’ Affairs. This is a separate program from the VA’s federal home loan guaranty.

The ODV program has already lent $8 billion to more than 300,000 veterans. Specifically, the program offers veterans fixed-rate home financing for single-family homes that will be owner-occupied for home purchases, not refinancing. Veterans can use the program up to four time.

These loans are underwritten to according to traditional federal financing guidelines, and loans can be up to 95% of the value of the home. But, if the loan is for over 80% of the value, private mortgage insurance is required.

Eligible properties must be located in Oregon, but borrowers do not necessarily have to be residents. Loan terms are flexible, including 15, 20 and 30 years. However, while there are no minimum loan requirements or income limitations, borrowers still must be able to demonstrate an ability to repay. There is also no prepayment or recapture penalties.

Veterans have a plethora of options when they are looking at purchasing real estate. This includes federal, state, and depending on the city, local benefits. Understanding these options can be key to making not just an informed purchase, but also doing so at the best possible terms. After all, veterans put their lives on the line for our country, and our country has various options to help repay that debt.