Oregon VA Loans
Qualified veterans interested in buying or building a new house in Oregon should consider going through the VA to obtain the loan. The VA has created the Home Loan Guaranty Program which makes the entire loan process much easier and more affordable than it is with a conventional loan. For example, conventional loans sometimes require as much as 20% for a down payment whereas a VA Loan requires absolutely no money down.
What are the other benefits?
Besides not having to supply a down payment, you also won’t be required to pay private monthly mortgage insurance. The other great benefits include low interest rates, minimal closing fees, flexible repayment plans, quick approval and easy refinancing.
How can I qualify?
In order to qualify for a VA Loan in Oregon, you must first fill out an eligibility form with the VA. This form can be found on the VA’s website and requires that you have served 181 days of regular active-duty service in order to qualify. If you are an ex-military member, you must have also served this time and been honorably discharged from the military.
Is the loan a gift?
No. The money you receive is borrowed from a private lender and must be paid back overtime. However, the loan is still much more affordable than it would be with a conventional loan.
Is there a limit on how much I can borrow?
Yes and no. The VA puts a limit on how much they will guarantee which varies from county to county. However, if you do find a house that is above the county limit, it is still possible to receive a VA Loan, but you may have to supply a down payment on the portion of the loan that is not covered by the VA.
Can I get more than one VA Loan?
Yes and no. You cannot have more than one VA Loan out at a time. However, there is no limit on the amount of VA Loans you have during your lifetime. You can receive your basic entitlement for a new VA Loan once the old VA Loan has been paid off in full.
Right now is a great time to buy new houses in Oregon with a VA Loan. To see how much you can qualify for, be sure to fill out our short online form. It only takes a minute to make huge savings today!