In 2023, the Maximum Loan Limit for Oregon Veteran Home Loans Will Be Raised
Oregon Veteran Home Loans: Each year, the Federal Housing Finance Agency establishes maximum loan amounts for mortgages, and the Oregon Department of Veterans Affairs (ODVA) will raise the maximum loan amount for the Oregon Veteran Home Loan in 2023 to match these maximums (FHFA). The ODVA will now accept loans up to the new maximum loan amount of $726,200 for financing on or after January 1, 2023, an increase of $79,000 over the previous maximum loan amount of $647,200 in 2022.
The Maximum Loan Limit For Oregon Veteran Home Loans Will Increase In 2023
The Oregon Veteran Home Loan Program offers qualified veterans a fixed-rate mortgage option when purchasing a single-family home in Oregon for their primary residence. Any qualified veteran who served their country in Oregon may use the veteran home loan product an unlimited number of times during their lifetime. This benefit never expires. Only new purchases are eligible for program financing; existing loans cannot be refinanced in any way.
This state benefit is unrelated to or a component of the federal VA Home Loan Guarantee program. This state benefit has provided over 336,000 veterans with access to approximately $9 billion in low-interest mortgage loans since 1945. To be eligible for the organization’s benefits, a veteran must have served on active duty with one of the United States Armed Forces, as evidenced by their DD-214, and must meet one of the service conditions specified on the ODVA website.
The Oregon Department of Veterans’ Affairs (ODVA) will increase the maximum loan limit for the Oregon Veteran Home Loan for 2023, conforming to loan limits for mortgages set by the Federal Housing Finance Agency (FHFA). ODVA will now accept loans up… https://t.co/xtCzboU0b6
— St. Helens Chronicle (@SHChronicle) January 2, 2023
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