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ORVET Home Loans for Your Veteran Clients
The Oregon Department of Veterans’ Affairs (ODVA) offers a state veterans’ home loan (ORVET) that is an additional and distinctively separate benefit from the USDVA (Federal VA) Home Loan Guaranty Program. The current maximum loan amount for a single family, owner occupied residence is $417,000 or a veteran’s remaining eligibility amount if there has been a previous ODVA loan.

The ORVET Home Loan is an ideal product for those who served their country in uniform. The program is designed specifically to provide veterans the lowest interest rate possible and is secured through special federal bonding only available to state home loan programs. ODVA takes pride in achieving consistent high levels of customer satisfaction, and makes every attempt to be flexible and provide quality customer service.

Down Payment Assistance Program
ODVA is launching a new down payment assistance program for veterans who are first-time homebuyers. Click here for more information

ORVET PLUS 97% Home Loan Program
ODVA now offers a home loan program with as little as 3% down for qualifying veterans. Click here for more information

Broker Partners
In order to provide statewide access to the ORVET Home Loan benefit, ODVA partners with local Mortgage Brokers and Lenders throughout the state for origination.  A full list of our current partners can be found on the Find a Broker page.  If you are interested in becoming an approved broker, contact:

Loan Program Manager
Toll-free within Oregon 888-ORE-VETS | 888-673-8387, Ext. 2170 Outside of Oregon 503-373-2170

Special Program Highlights
• Interest rates are generally below market.
• Closing costs are limited.
• Loans are serviced by ODVA in Salem, not sold to investors.
• No tax service fee.
• 15 to 30-year terms.
• No pricing adjustments for manufactured housing classified as real property.
• Loans may be re-amortized after unscheduled principal reductions of $3,000 or more.
• Up to 100% financing may be available.
• The ORVET Program may be able to refinance a non-ORVET home loan if it’s been less than 18 months since its origination.
• Guaranteed acceptance loan cancellation life insurance available.
• No recapture or prepayment penalties.
• Loans are NOT limited to “first time” homebuyers.

Loan Terms
• The current maximum loan amount is $417,000 or a veteran’s remaining eligibility if there has been a previous ODVA loan.
• The home being purchased must be in Oregon.
• The home must be the veteran’s primary residence.
• By statute, only the veteran and spouse (if applicable) are permitted to sign for financial responsibility or to be vested with title to the home.
• ODVA is prohibited from financing vacation homes, investment, commercial, personal properties, or bare land.
• Course-of-construction loans are not available. ODVA may only loan on completed dwellings.

Underwriting Synopsis
ORVET Home Loan is underwritten to Fannie Mae standards. Click here for the Loan Synopsis.

Forms for Mortgage Lenders

Forms for Mortgage Brokers

In accordance with the TILA-RESPA Integrated Disclosure Rule (TRID), on October 3rd, 2015 the ORVET Home Loan Program will require updated forms and documents with loan submissions. TRID requirements are dependent on when a consumer application was originated.

For applications originated prior to October 3rd, 2015, please use the following forms:

For applications originated on or after October 3rd, 2015, please use the following forms:

*The definition of an application under TRID consists of the submission of the following six pieces of information: The consumer’s name, the consumer’s income, the consumer’s social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought. ORVET applications are to be originated via Calyx Pace product.

For additional information on TRID, please refer to the Consumer Finance Protection Bureau website, TILA-RESPA Integrated Disclosure rule implementation:

For additional information on changes to the ORVET Home Loan submission process, please refer to the “Broker TRID Submissions with ODVA” webinar:

Fillable Broker Rate Sheet