I recently had the pleasure of working with a family which included two awesome veterans (moving back to Oregon). After some research, they determined that that the ODVA loan program was superior to other options. This was my first time working with this loan product - and I was happy that Team Aalto was their lender (only select lenders can offer this product).
In a nutshell, here's what I liked about the loan:
- functions like a conventional loan for offer purposes
- my clients got a CRAZY low rate (2.85%)
- the process was relatively simple
Here's what they're working on to improve:
- allowing applicants to use Docusign (my client was willing to drive to Salem to avoid having delays due to mailing paperwork for signatures)
Here's what you'd have to bypass:
- No repairs can be paid through escrow (which is hard with roofs in the rainy season!)
So - if you're a veteran (or know of one who's planning to buy a home) - I would definitely consider the ODVA program.
Before you move your family into its dream home and settle down, there are a few preliminary items you need to complete first. You can decide on these on your own to finish or with a VA-approved lender to advise you on the required documentation and forward steps. They are the beginning of the VA Loan Process and will propel you and your family into securing the property you are interested in.