Dennis Tuuri

Full PEAPAC Analysis

PEAPAC Commentary: This referral from the Legislature would change some of the provisions for state veteran home loans. This would increase the number of military veterans who could use the program. Currently, 30 years after leaving military service, the vet no longer qualifies. If passed, one of the provisions of this Measure would remove this restriction.

Typically, state veteran home loans require no down payment and no mortgage insurance, but the interest rate is a little higher than a conventional loan. The most important function of the civil government is to defend its citizens. Men and women who perform this invaluable and sacrificial service should be compensated well for their labors. When the veterans’ loan program began, military pay was quite low. Benefits like veterans loans were intended to make military service more attractive.

Military pay has, however, been significantly increased over the past four decades. Additionally, the no down payment provision makes sense when a man is unable to save money during his term of service. But after 30 years of being out of the military and in the work place, it would seem that a down payment should be within the reach of the vet. Finally, Oregon is one of only five states with a State Veterans home loan program. Most American vets use the national VA program. The fact that our armed forces are primarily national suggests that the veteran loan program be an exclusively national one. We thus lean towards a No vote on Measure 70.