USDA Loans & ODVA Loans
A2Z Home Loans
USDA Home Loans
Zero Down Payment for Rural & Suburban Buyers in Oregon
A USDA loan, also known as a Rural Development loan, is a type of mortgage guaranteed by the USDA. These loans are designed to help low- and moderate-income individuals purchase a home in rural or suburban areas.
USDA loans do not require a down payment. Mortgage rates and mortgage insurance costs for USDA loans are often more favorable than conventional or FHA offerings, but it can be challenging to qualify for the program. The home must be located in a USDA-designated area. Generally speaking, all of Central Oregon, except within the Bend city limits, is eligible for the USDA loan program.
See the USDA property eligibility map.
Additionally, a family (up to four) cannot have an income that exceeds 115% of the median household income. In most of Oregon that income limit is $103,500. This figure is higher if you have a family larger than four.
View the USDA income limit tables.
USDA loans have stringent debt-to-income limits which can be a hurdle for families wanting to buy in higher costs areas. If you can meet the income, geographical, and debt ratio requirements, the USDA loan offering is tough to beat.
ODVA Home Loans
Exclusive Mortgage Benefits for Oregon Veterans
An ODVA loan refers to a mortgage program offered by the Oregon Department of Veterans' Affairs. This initiative is designed to assist Oregon veterans and their families in purchasing homes, providing favorable loan terms that make homeownership more achievable.
Oregon is one of only five states that offers a veteran home loan program. This Oregon benefit is separate and distinct from the federal VA Home Loan Guaranty and has lent approximately $8 billion in low-interest home loans to more than 334,000 veterans since 1945.
Currently, ODVA's home loan program offers eligible veterans fixed-rate financing for:
Owner-occupied, single-family residence
Down Payments as low a 3% for first-time home buyers,
Loan amounts up to the Fannie Mae limit
Purchase only (no refinancing is available)
Up to four (4) home loan maximum life benefit
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