Buying a home is a big step for anyone, but veterans in Portland have unique questions and opportunities. VA loans, Oregon programs, and the realities of the Portland housing market all play a role. Below, we break down the most common questions veteran buyers ask—and give straightforward answers without the fluff.

1. What VA or Oregon-Specific Programs Can Benefit Me?
Veterans in Oregon have two primary loan paths:
• Federal VA Loans – No down payment, no PMI, capped closing costs, and competitive rates.
• Oregon Department of Veterans’ Affairs (ODVA) Loans – A completely separate program. ODVA funds the loan directly, doesn’t require a minimum credit score, and allows gifted down payments, but typically only finances up to 95% of the home’s value.

2. What’s the Deal With Certificate of Eligibility (COE) and Entitlement?
Your COE proves your service eligibility and shows how much the VA will guarantee on your loan. This “entitlement” directly impacts how much you can borrow with no money down.

3. Do I Actually Need to Put Down Money?
In most cases, no. VA loans are designed for zero down. The exception: ODVA loans generally require a small down payment if you borrow more than 80% of the home’s value.

4. What Credit or Employment History Do I Need?
The VA doesn’t set a minimum credit score, but most lenders want at least a 620 FICO. Veterans who are self-employed usually need two years of tax returns. Employment gaps can slow down the process, but don’t automatically disqualify you.

5. How Do VA Appraisals and Property Standards Work?
VA appraisers follow strict “Minimum Property Requirements.” The home must be safe, structurally sound, and livable. If issues come up, repairs may be required before closing.

6. Should I Get a Home Inspection?
Yes. The VA requires an appraisal but not an inspection. An appraisal protects the lender, while an inspection protects you. Skipping this step can lead to costly surprises down the road.

7. How Does Debt-to-Income (DTI) and Residual Income Work?
VA loans use both DTI and “residual income”—the amount of money you have left after monthly expenses. Residual income can matter more than DTI in approval decisions.

8. Can I Buy Multi-Unit or New Construction in Portland With a VA Loan?
Yes. You can purchase up to a four-unit property as long as you live in one of the units. VA loans also work for new construction, provided the builder and property meet VA and lender standards.

9. Can I Take Advantage of Assumable Mortgages?
Yes. VA loans are assumable, meaning you might be able to take over a seller’s existing low-interest VA loan. This can be a huge advantage in Portland’s market. Be aware that entitlement and lender approval are factors.

10. How Do I Find the Right Lender or Agent Familiar With Veterans?
Not all professionals know the ins and outs of VA loans. Ask your real estate agent:
• How many veteran or military clients have you worked with?
• How familiar are you with VA loan requirements?
Ask lenders:
• Do your officers have VA training?
• What’s your average VA loan closing timeline?

11. Can I Reuse My VA Loan Benefit?
Absolutely. VA benefits are reusable throughout your life. Once a VA loan is paid off or entitlement is restored, you can use it again—whether it’s for your next Portland home or beyond.

Bottom Line
Veterans buying homes in Portland have some of the best financing options in the country. The key is knowing the difference between VA and ODVA loans, understanding entitlement, and working with professionals who truly know how to serve veterans.
Ask questions, use your benefits wisely, and you’ll be in a strong position to buy smart in Portland’s competitive market.

If you’re a veteran thinking about buying a home in Portland, don’t go it alone. We specialize in guiding veterans through every step of the process—making sure you get the most out of your VA benefits.
Reach out today to schedule a free consultation and let’s put your VA loan benefits to work for you.