If you are a veteran and want the best home loan on the market, then you need a CalVet Home Loan. You'll find the CalVet Loan will save you money and provide protection for your home and investment. CalVet has expanded eligibility so that most veterans (including those now on active duty) wanting to buy a home in California are eligible, subject to financial qualification and available bond funds (See restrictions for peacetime-era veterans).
The good news about CalVet is the money you'll save with our low interest rates, low down payment and easier qualification. Compare it with other loans, and you'll see why CalVet is the loan of choice for veterans.
You and your family will benefit from this great loan from day one! It is the State of California's way of saying "thanks" for what you gave to your country through your military service. Best of all, this program is available to you at no cost to California taxpayers. Just look at some of the great features of the CalVet loan:
Low interest rate
Even lower rate for qualified first time home buyers
Low or no Down Payment
Loans up to $521,250
Subsequent eligibility - Use the loan again
Home and loan protection plans
Interest Rates Interest rates for new loans are reviewed frequently to insure that the rates we offer are below market. Interest rates are subject to change without notice. Current rates are posted in this website. Your rate is "locked in" as of the date you apply, and if rates are reduced while your loan is being processed you will receive the benefit of the lower rate. While technically a flexible rate, there is a 1/2% cap on increases during the term of the loan. Call our toll free number at 1.800.952.5626, for up-to-date information.
Low Down Payment Keep your out-of-pocket investment minimal with our low down payment requirement. CalVet Home Loans are available for up to $521,250 with no down payment if you are eligible for a loan guaranty from the United States Department of Veterans Affairs (CalVet/VA), or with a down payment of just 3% of the purchase price for our CalVet97 program.
Maximum Loans up to $521,250 Our loan maximum works well in nearly every California market. The loan maximum for regular properties is $521,250; up to $175,000 for mobile homes in rental parks and $625,500 for farm properties. First-time homebuyer loans have lower purchase price limits in some counties. See "Average Area Purchase Price Limitations - Single Family Residences - Revenue Bond Funded Loans" for the limits in your county or contact your nearest CalVet office.
Loan Fees CalVet obtains a loan guaranty on all loans. With the CalVet/VA loan we obtain the guaranty from the United States Department of Veterans Affairs. On other loans we purchase private mortgage insurance. In all cases a loan guaranty fee of between 1.25% and 3.30% of the loan amount will be charged with down payment's of less than 20% of the sales price. Under certain circumstances the fee may be added to the loan amount. This is a one-time fee, and will not affect your interest rate or monthly installment unless it is financed in the loan. There is NO fee if the down payment is 20% or more. You will also be charged a loan origination fee (common with most loans) of one percent of the loan amount. This fee must be paid in escrow.
Free Prequalification Have you been shopping for a home, only to be advised by your agent that you should be "prequalified" so you know how much of a house you should shop for? Your may receive free prequalification for a CalVet loan by using our new Apply Online system or by downloading and completing our prequalification form and sending it to your local CalVet office. You can also call 800.952.5626 to obtain the prequalification form.
Expanded Eligibility If you haven't checked into CalVet lately, you'll be pleased to know that the eligibility has been expanded. Most veterans planning to buy a home in California are eligible -- there is no prior residency requirement. Eligible veterans must meet federal rules regarding the use of the bond funds. CalVet has several bond fund sources for veterans who served during a wartime era, regardless of when they served. Veterans whose service was during peacetime are eligible, but must meet the requirements for use of Revenue Bonds funds. Peacetime-era veterans must be first-time homebuyers and meet income and purchase price limitations. Contact your local CalVet office to determine your eligibility and funding status. Veterans must have received a discharge under honorable conditions, and provide a copy of their DD-214 or release from active duty. If you are currently serving on active duty, you can provide a Statement of Service to verify your qualifying dates and character of service.
Reusable Loans You may obtain a new CalVet loan each time you decide to change your residence -- it may be used again and again. Once the previous loan has been paid off, you may obtain a new loan with the current features, subject to eligibility and financial qualification.
Home and Loan Protection Plans In an effort to ensure that your investment is safe and sound, CalVet provides comprehensive protection for you and your family. However, this is another area where you deserve the best. No other lender offers you protection against natural disasters like CalVet. While thousands of Californians have lost everything in natural disasters like floods and earthquakes, CalVet loan holders have full guaranteed replacement cost coverage for their home, keeping disaster in check. You'll be fully protected against floods and earthquake damage with your CalVet financed home. CalVet's deductible is a low $500 on flood claims, and $500 or 5% of the coverable loss (whichever is greater) on earthquake and mudslide claims. Should disaster strike, you'll be on your way to recovery in days, and at a considerable savings over the costs associated with private policies.
Most loans also include fire and hazard insurance coverage. You will have guaranteed replacement cost coverage on the home, with low premiums and a $250 deductible. But this still isn't all! With the CalVet loan you'll receive limited guaranteed life insurance in an amount to make the principal and interest payments for one to five years, depending on your health status at the time you obtain the loan. Optional coverage is offered by the insurance carrier including additional life insurance for the veteran, life insurance for the spouse, and disability insurance. Applicants must be under the age of 62 when their loan is funded to receive the life insurance coverage.
Applicants must be under the age of 62 when their loan is funded to receive the life insurance coverage.
CalVet Rehabilitation Purchase Loan Sometimes a house in disrepair or one that's too small for your family's needs can be a great buy. Even when you figure in the cost of improvements to turn the house into an adequate home for your family, you may be thousands of dollars ahead to buy the "fixer-upper" and do the rehabs work to get what you really need.
Finance your new home with a CalVet Rehabilitation Loan. You'll enjoy all the great money-saving features of a regular CalVet loan like:
Only 3% down (of the appraised value of the refurbished home)
Maximum loans up to $521,250
Home protection plans included
30 year term
Use the CalVet Rehabilitation Loan for things like:
Bringing the property up to decent and sanitary conditions
Bringing older homes up to contemporary living standards
Increasing the energy efficiency of the home
Adding additional rooms to meet your family's needs
Correcting deferred maintenance
You must meet credit, income, and eligibility requirements, as you would for any CalVet loan. Once you qualify, the California Department of Veterans Affairs will purchase the home in an "as-is" condition. Funds will then be advanced for approved repairs or refurbishment as they are completed. With the loan application, you will submit a detailed description of the repairs and improvements you plan to make, plus estimates on the costs. The additional loan amount will be based on these costs, and paid as progress payments as the work is done. You'll have 90 days to complete the refurbishment in most cases. If the situation warrants, an extension of time may be granted by CDVA.
Loan Processing We will process your new loan application and help you through the process every step of the way, working with CalVet and your real estate agent to ensure a smooth purchase. CalVet is now closing most loans within 30 days from receipt of the application.
Save Money with CalVet For more information, or to get your loan process started, call Loan Republic 7am-7pm, M-Sat at 1-800-218-3315 or email us here:
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