• Oregon VA Home Loan

    • If you’re active duty or a United States Veteran, then you can use the VA loan to get that house you’ve always wanted. The Oregon VA home loan (veteran affairs loan) is a loan that is offered by private banks or credit unions and backed The Office of Veteran Affairs. What this means is that should the loan go into default, the Veteran Affairs office will pay the lender the amount for the loan. This guarantee helps Veterans that generally wouldn’t be able to get a home loan, get one.

      Benefits of Oregon VA Home Loan

      There are many benefits of the Oregon VA Home Loans. Just some of them are:

      • Lower interest rates
      • No down payment required (though it’s certainly not against the rules)
      • More lenient on credit requirements
      • No PMI

      Oregon Veterans Home Loan Program Requirements

      Because the VA loan is for veterans of the United States Military- there are some unique requirements. The Oregon Veterans Home Loan requirements are:

      • You must have served at least 90 days of consecutive active duty service during a time of war
      • You must have served 180 consecutive days of active duty service during peacetime
      • Alternatively, you must have been an active member of the National Guard or Reserves for at least 6 years
      • Are married to a service member that died in the line of duty
      • You must have a COE (Certificate of Eligibility)

      Does the VA Loan Require Private Mortgage Insurance?

      While many low-cost home loan programs do require PMI, the VA loan does not require one. Because some PMI plans can cost over 100 a month, not having to pay for PMI saves you a significant amount of money.

      What are the fees Associated with the VA Loan?

      The VA loan does have a one-time processing fee that all depends on the branch of service and loan amount. To help offset this fee, there are programs we work with that often wave these fees or discount them for our heroes.

      Is There a Loan Limit for VA Loans?

      Yes. The loan limit for 2019 is 484,380 while it can be more if you live in an area that has high housing costs. This does change every year, so it’s good to check with us on the latest loan limit amount.

      If you’re interested in learning more and would like to see if you qualify for an Oregon VA Loan, contact us today. We love serving those who served us.