VA Loans and Mortgages
VA Home Loan Guide
VA Home Loans are a great benefit to qualified eligible veterans. Use this VA Home Loan guide to navigate the mortgage process to your dream home. One of the...
The Oregon State Department of Veterans Affairs is a state-level agency serving Oregon veterans, family members, and caregivers. This agency is not part of the Federal-level Department of Veterans Affairs, but provides similar services, including a veteran loan program that is completely separate from the federal VA mortgage benefit.
According to the official site, the Oregon Department of Veterans Affairs has helped qualifying borrowers obtain roughly $8 billion in low-interest home loans, benefiting more than a quarter of a million Oregon veterans since 1945.
The ODVA Home Loan Program
The Oregon Department of Veterans Affairs Home Loan Program (ODVA) offers qualifying veterans fixed-rate financing for owner-occupied primary residences. Federal VA home loans feature no VA-specified loan limit, but the ODVA program provides home loans to veterans for purchases up to the Fannie Mae loan limit for the area.
Veterans are allowed to apply for an ODVA home loan up to 4 times — this is known as the “home loan maximum life benefit.”
In many states, veteran-friendly home loans are issued through a network of participating lenders, but the ODVA program official site advises borrowers that ODVA itself services these loans through its central office in Salem, OR.
Purchase Only: No Refi
ODVA loans are for purchases only; there are no refinancing options with these mortgages. Those who apply for an ODVA loan and later wish to refinance may have the option to refinance with a VA cash-out refinance mortgage if they wish to use their federal VA home loan benefits. However, keep in mind that the VA Streamline Refinance Loan option is for existing federal VA mortgages only.
We mention this as a caveat because, while ODVA loans are administered by the Oregon Department of Veterans Affairs, the loan you get through this program is completely separate from the federal VA program. Streamline Refinancing for federal VA mortgages is only for existing federal VA loans.
Who Can Apply For an ODVA Loan
In addition to the requirement that the veteran served on active duty and has no dishonorable discharge, all applicants must meet the qualifying criteria. These include time-in-service requirements. There are some who may qualify due to an involuntary discharge because of disability, and other factors:
- Served on or before Jan. 31, 1955 for more than 90 consecutive days and was discharged under honorable conditions; OR
- Served after Jan. 31, 1955 for more than 178 consecutive days and was discharged under honorable conditions; OR
- Served for 178 days or less AND discharged under honorable conditions because of a service-connected disability; OR
- Served 178 days or less AND discharged under honorable conditions AND has a VA-rated disability; OR
- Served at least one day in a combat zone and was discharged under honorable conditions; OR
- Received a combat, campaign, or expeditionary ribbon or medal for service and has an honorable discharge; OR
- The veteran draws “a nonservice-connected pension from the United States Department of Veterans Affairs.”
What You Need To Know About ODVA Mortgage Loans For Veterans
As mentioned above, ODVA mortgages are not affiliated with the federal VA loan program. ODVA loans are conventional mortgages; they require a down payment (typically 5%), and they conform to Fannie Mae guidelines. Private mortgage insurance is required for all loans with a down payment of less than 20%.
Unlike federal VA mortgages, loan terms include 15, 20, and 30 years (federal VA mortgages are available only in 15- and 30-year terms). There are no income restrictions for this type of home loan, and there is no penalty for early loan payoff.
The home you purchase through this program must be in the state of Oregon, but Oregon residency is not required at the time of application.
There are qualifying property types for ODVA loans. Types of property you can purchase include:
- Site-built single-family homes
- Condo units
- Townhomes
- Manufactured homes are “affixed to land and taxed as real estate.”
- No houseboats, RVs, or other items that cannot be taxed as real estate
You can get started or learn more by calling 1-800-633-6826.
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Jon Rehagan is a 2-time Emmy Award-winning journalist who covers financial topics and military news for the veteran community. With 16 years in broadcast media (including roles in radio and television) Jon has spent his career writing, shooting, editing, and producing everything from long-form investigative specials to daily news broadcasts and digital content. His work has been recognized by the Kansas Association of Broadcasters, and he brings that same commitment to accurate, accessible reporting to helping service members, veterans, and military families navigate complex benefits and financial decisions.
