CalVet Home Loans

CalVet Home Loans offer below market interest rates with low or no down payment that increase your purchasing power and keep your payment down. We have expanded eligibility so that nearly any veteran wanting to buy a home in California is eligible.

CalVet Home Loans

The Veterans Home of California

A significant portion of the mission of the California Department of Veterans Affairs is "to provide the state's aged or disabled veterans with rehabilitative, residential, and medical care and services in a home-like environment at the California Veterans Homes."

Veterans Homes

CDVA Veterans Services

The Division of Veterans Services is responsible for administering a number of special programs, benefits and services for California veterans and their families.

Veterans Services

Some of the highlights of the new CalVet loan program include: Low flexible interest rate on regular loans $521,250 maximum loan (adjusted annually) No down payment with a VA Loan Guaranty or 3% down payments for non-VA loans Free prequalification Reusable loan eligibility Construction and rehabilitation loans available Home and loan protection plans included

You'll qualify more veteran buyers through CalVet than any other loan program, with a low down payment, and veteran friendly VA credit guidelines.There are no financing points charged to the seller, giving you more negotiating room on the sales price and payment of fees.

Low Loan Fees

Since we obtain a loan guaranty, the guaranty fee (or funding fee) is charged in escrow--it may be paid by the buyer or seller. There is NO fee if the down payment is at least 20%, or if the veteran is disabled (VA rated 10%) and if both buyer and property qualify for a VA Guaranty. There is NO monthly mortgage insurance--so your buyer will save in the long term with the one-time loan guaranty. A Loan Origination fee of 1% of the loan amount is charged, and may be paid by the buyer or seller in escrow.

And, if the veteran would like to build, with CalVet's Construction Loan they can purchase the land, build the home, and have their permanent financing set up with just one loan package. This saves your buyers hours of frustrating paperwork, and thousands of dollars in the process. They'll totally eliminate the high-priced interim financing that's tough to qualify for and hard to get. You'll have an easier time putting your deal together, and the veteran will get a great loan in the process.

You can also help your buyer negotiate a great deal on a "fixer upper" with CalVet's Rehabilitation Loan. The veteran's loan amount is based on the appraised "Improved" value of the property. It's easy for you, and for your veteran buyers.

Down Payment Assistance

If your buyer needs down payment assistance, CalVet participates with the community housing agency loans for buyers that qualify, and other programs.The down payment can come as a personal loan or gift from any source other than the seller.

Easy Loan Processing

If you haven't worked with CalVet lately, you'll find our fast processing and on-going support throughout the escrow easy and painless. And just like other loans, you can work directly with CalVet to make sure the process flows smoothly for you and your buyer.

Special Interest Rate!

CalVet offers a lower rate for buyers who meet the requirements for Revenue Bond funded loans. These include first time home buyers who meet the income and purchase price limits for their areas. Also, other veterans who buy in designated targeted areas. Call your district office for details. CalVet is an authorized VA lender, so you will be using forms, underwriting standards and processing steps that are familiar to you. CalVet staff is committed to working with the applicant and agent to process the loans quickly. If the loan will not be a VA loan, documentation requirements are reduced depending on the down payment amount. You'll find CalVet District Offices located conveniently throughout the state. They will provide you with the forms you need. They'll be happy to answer questions about the program, provide support in working through the application and help with any eligibility questions that may come up. Free prequalification is available to all veterans simply by calling the local District Office. A qualified staff of professionals will update you on the CalVet program, in person or via conference call with you and your veteran buyer if that's more convenient.

New Opportunities with CalVet's Eligibility Changes There is no prior residency requirement; qualified veterans wishing to live in California may use CalVet financing. Peacetime era veterans are now eligible. Veterans who used the loan previously, may obtain another new loan subject to current eligibility and funding requirements. CalVet has limited unrestricted funds for wartime veterans that have been unable to qualify for the bond funds (call your local district office). CalVet has funds available for nearly every veteran, regardless of when they served.

Qualified Veterans Mortgage Bonds,Unrestricted Funds & Qualified Mortgage Bonds 1. Veterans must have 90 days of regular active duty and an Honorable Discharge. Wartime service is not required. CalVet / VA CalVet 97 CalVet 80/20

Interest rates and loan terms are subject to change. Contact your local CalVet District Office, check our website at www.cdva.ca.gov or call 800-952-5626 for current information.

Loan Program CalVet / VA CalVet 97 CalVet 80/20

Maximum Loan $521,250 including the funding fee (if financed) for all loan programs.

Property / Program Type

New & Existing Homes (including VA approved Condominiums & PUDs), and Mobile Homes on Land. New or Existing Homes including Condominiums & PUDs, Construction Loans. Rehabilitation Loans Mobile Homes on Land Mobile Homes in Parks1 New or Existing Homes including Condominiums & PUDs, Construction Loans Rehabilitation Loans Mobile Homes on Land Mobile Homes in Parks1

Down payment 0% 3% 20%

Funding Fee 1.25% - 3.3%2 (may be financed) 1.25 ? 2.00% (must be paid in escrow)

Loan Origination Fee 1% 1% 1%

Other Requirements: VA Certificate of Eligibility for full entitlement

1.For Mobile Homes in Parks, the maximum loan is $125,000 and the interest rate is 1% higher (7.25%). 2.The funding fee for CalVet/VA loans is waived for veterans with disability ratings of 10% or higher. The fee is not waived on CalVet97 loans. 3.The funding fee for CalVet 97 loans may be financed when the down payment is 5% or greater. 4.Active Duty for Training only does not qualify. Veterans discharged in less than 90 days who have a service- connected disability or who received a campaign or expeditionary medal are also eligible. Current Members of the California National Guard or the US Military Reserves who have never been ordered to active duty are eligible if they qualify as "first time home buyers" or purchase homes in certain "targeted areas," and meet income and purchase price limits.

Great Links for Military and Veteran Families California Department of Veterans Affairs Military Website United States Department of Veteran Affairs