Veteran_ Resource_ book_2014
Veteran_ Resource_ book_2014
Veteran_ Resource_ book_2014
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There are three loan programs available:<br />
»»<br />
CalVet/VA loans use the VA Loan Guarantee eligibility for loans with no<br />
down payment. The VA waives the funding fee for veterans who have a VA<br />
disability rating of 10% or higher. This is the way to go for veterans without a<br />
lot of cash for the down payment and loan fees.<br />
»»<br />
CalVet 97 loans require only a 3% down payment. If VA eligibility is tied up<br />
and the veteran needs a loan that exceeds the VA maximum, this program<br />
offers loans up to 125% of the conventional conforming loan limit.<br />
»»<br />
CalVet 80/20 loans with a down payment of 20% (or more) have<br />
reduced costs.<br />
<strong>Veteran</strong>s who do not have a CalVet home loan and are considering refinancing<br />
their current loanshould call at (916) 503-8359 or (866) 653-2510 toll free to see<br />
what CalVet has to offer.<br />
ELIGIBILITY<br />
Nearly all veterans purchasing homes in California are now eligible, including<br />
veterans who served during peacetime. Only 90 days of active duty and a<br />
discharge classified as “Honorable” or “Under Honorable Conditions” are required.<br />
Information to confirm the veteran’s eligibility is on the DD Form 214. Those<br />
currently on active duty are eligible after meeting the 90 days of active duty<br />
requirement. A statement of service from the veteran’s current command is<br />
required. Current members of the National Guard and the U.S. Military Reserves<br />
who qualify as first-time home buyers or purchase in certain targeted areas are<br />
eligible as well. Former members of the National Guard and or Reserves whose<br />
only active duty was for training purposes are not eligible; however, if during<br />
service the veteran was ordered to active duty by Presidential Executive Order,<br />
the veteran may be eligible. For information about eligibility, call CalVet at or<br />
(916) 503-8359 or (866) 653-2510 toll free. More information and applications are<br />
available at www.calvet.ca.gov (Home Loans).<br />
MORTGAGE LOAN ORIGINATORS, MORTGAGE LOAN BROKERS,<br />
REALTORS AND OTHER REAL ESTATE PROFESSIONALS<br />
Mortgage loan originators, mortgage loan brokers, realtors and other real estate<br />
professionals who are interested in serving veterans should call CalVet at<br />
(916) 503-8359 or (866) 653-2510 toll free to learn how to work with the CalVet<br />
Home Loan program.<br />
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