ODVA Home Loans

Exclusively for Oregon Veterans

If you are a veteran thinking of a primary home purchase in Oregon, do not overlook the Oregon Department of Veterans Affairs (ODVA home loans) and the ORVET home loan, also commonly referred to as the ODVA loan. This loan product offers some incredibly attractive incentives to veterans in Oregon that in some regards are more attractive even than conventional loans and certainly should be considered as an alternative to the Federal VA loan.

As a lifelong Oregon resident with 18 years in the mortgage industry, working with ODVA and eligible veterans has been one of the highlights of my career. It is incredibly rewarding to see our friends and neighbors make a conscious choice to honor our veterans by providing this product, and the staff at ODVA is typically very accessible, incredibly knowledgeable, and an absolute pleasure to work with.

Mid Oregon Lending, Inc is proud to be an approved ODVA Loan provider.

Carl SalvoPresident, Mid Oregon Lending

What is an ODVA Loan?

After WWII, Oregon citizens voted to establish the program out of gratitude and respect for our returning veterans and to honor their service and sacrifice. Oregon remains one of only five states to offer the program, which was written into the state constitution within Article X1-A, and has been in existence ever since, celebrating 70 years of serving Oregon Veterans in June of 2015. Over the lifetime of the Program, more than 334,000 Oregon veterans have received home loans totaling more than 7 billion.

Simply put, ODVA loans are loans provided by the State of Oregon, that stay in the state of Oregon, to thank veterans who call Oregon “Home,” by providing low rate, common sense loans for eligible veterans.

Why Choose an ODVA Loan?

  • Subsidized interest rates

    ODVA loans are funded through the issuance of tax-free, state general obligation bonds called Qualified Veteran Mortgage Bonds, or QVMB’s. The Oregon Department of Veterans Affairs adjusts their interest rates, typically in lock step with current conventional rates, with the exception that the rates are typically .5% to .75% lower than current market conventional or Federal VA rates. At the time of this article’s publication, Conventional rates on a generic 30 year fixed rate loan were at approximately 4.375%, and ODVA rates on a 30 year fixed rate ODVA loan were at 3.75%. Call us today for current rate quotes.

  • No Funding Fee

    Veterans who’ve had Federal VA loans previously may be familiar with the Funding fee—typically anywhere from 1.5% to 3.3% of the loan amount depending on certain criteria—Charged to the veteran at closing. The ODVA loan does not require the payment of any funding fee by the veteran.

  • No Pre-Payment Penalty

    ODVA allows the veteran to pay off their loan in full at any time without pre-payment penalty.
    Local Servicing – Since the ODVA loan is approved and funded in Oregon, the servicing of the loan is facilitated through their main office in Salem. This is often a refreshing change for homeowners who’ve had previous conventional or other mortgages that have experienced multiple servicing transfers on other loans. ODVA loan holders never have to wonder who to make their payment too, or who’s receiving their payments—it all stays here in Oregon.

  • No Residency Requirement

    The ODVA loan may be used to purchase the veterans primary residence in Oregon, but no Oregon Residency is required at the time of application. This means that eligible veterans planning to re-locate to Oregon from out of state are still eligible to apply for an ODVA loan provided they intend to occupy the home within 60 days of closing.

  • Common Sense Underwriting

    ODVA will follow-loosely-underwriting guidelines established by Fannie Mae, but since they will not sell the loan and will service the loan internally for its lifetime, they are not required to ‘toe the line’ in their underwriting credit decisions. This is an incredibly refreshing change as an originator in the current lending environment in that working closely with the ODVA staff, we’re oftentimes able to approve veterans for financing even if their current situation falls outside the more restrictive conventional or federal VA guidelines.

What Our Customers Say.

“I retired from the Navy and was seeking to buy my first home with a $0 down VA mortgage.  I was working with 4 different mortgage brokers and Greta from Mid Oregon Lending was the best, hands down.  After receiving the needed information,in one day she had obtained an interest rate the beat the other three and provided an accurate and detailed loan estimate.  When learning of the interest rate and lender credit amount that Greta obtained for me, one of the other brokers actually told me it was impossible and must be fake!  Mid Oregon Lending even obtained a 60 day lock on the low interest rate for me.  Working with Mid Oregon Lending was a straightforward process that was as easy as any mortgage can be and I highly recommend them.”

John H.

“My husband and I initially started our loan application process with an online lender thinking that it would be more convenient and oh my, were we wrong. They stalled after we had already made an offer on a house so we came to Mid Oregon Lending and not only did they secure our loan but they got us better rates than we were initially offered with the other guys. My husband is a veteran and Greta is very knowledgeable on the different types of loans that were available to us in the state of Oregon and she got us the best loan to suit our needs. We honestly couldn’t be happier with our experience, the only thing I would have done differently is to come to them first! I highly recommend Mid Oregon Lending and we will definitely work with them again in the future for all of our home loan needs.”

Lisa Arballo

“Mike Martin Manages Mortgage Money Masterfully! Mid Oregon Lending eliminated the stress over money so I could focus on the selection of a home to meet my needs & pursue my dreams creatively. You helped a Veteran buy a home with no money up front, a money miracle!”

Rich LindstromBend, OR

“I’m far from an expert in areas of financing, so I place a lot of trust in my mortgage broker.  Mid Oregon Lending has steered us through several successful transactions.  They follow through every step of the way, and sweats the details so I don’t have to.”

Susan BonackerBend, OR

Find Out if You Qualify for the ODVA Loan

For more information on ODVA loans, to find out if the product is the right one for your next home purchase, or for the upcoming purchase of a home by a veteran in your life, give us a call – (541) 728-0390.

Stress-Free Loans.

Our dedicated mortgage brokers are here to eliminate uncertainty and stress. We will give you straight answers to your questions. Together, we’ll find the home loan solution that fulfills your needs.

Independent Broker

We explore dozens of wholesale lenders to find the best fit for your specific needs.

Personal Attention

Our process is easy and transparent. Your complete satisfaction is our primary goal.

Customized Loan

You choose the rate/fee structure that works best for you, not the loan officer.