Veteran_ Resource_ book_2014
Veteran_ Resource_ book_2014
Veteran_ Resource_ book_2014
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REUSABLE LOANS<br />
A veteran may obtain a new CalVet loan each time they decide to change<br />
residences. Once the previous loan has been paid off, a veteran may obtain a new<br />
loan with the current features, subject to eligibility and financial qualification.<br />
HOME AND LOAN PROTECTION PLANS<br />
To ensure that the investment is safe and sound, CalVet provides comprehensive<br />
protection for the veteran and veteran family. CalVet loan holders get the most<br />
comprehensive structural coverage available in California against flood and<br />
earthquake damage. Not only does CalVet offer Guaranteed Replacement Cost<br />
for these perils, but the deductible is a low $500 on flood claims, and $500 or 5%<br />
of the coverable loss (whichever is greater) on earthquake and mudslide claims.<br />
Should disaster strike, the homeowner will be on the way to recovery in days and<br />
at a considerable savings over the costs associated with private policies. Most<br />
loans also include Guaranteed Replacement Cost Fire and Hazard coverage, with<br />
low premiums and a low $250 deductible.<br />
CalVet loan holders under the age of 62 at the time of loan funding have the<br />
option to purchase life insurance, at competitive group rates, to pay off the full<br />
balance of the home loan in the event of death while insured. Both the veteran<br />
and veteran’s spouse have the opportunity to apply, and there is no disqualification<br />
for an existing military disability. Unless the veteran a farm loan with CalVet, the<br />
insurance premium will be included in the monthly mortgage payment, so there<br />
is no separate bill to pay. CalVet’s easy application process usually requires<br />
completion of only one form. Coverage ends when the veteran pays the loan in full<br />
or the insured reaches the age of 70, whichever occurs first. <strong>Veteran</strong>s can enjoy<br />
peace of mind knowing their family home is protected.<br />
LOAN PROCESSING<br />
<strong>Veteran</strong>s may process their loans through the local CalVet office or a certified<br />
mortgage broker. CalVet will assist the veteran and real estate agent each step of<br />
the way. The agent or broker may coordinate the entire process with CalVet, just<br />
as they would do with loans from other lenders. Loan processing functions have<br />
been centralized to provide consistent and timely processing. CalVet closes loans<br />
within 30 days from receipt of the application.<br />
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