Veteran_ Resource_ book_2014

HAVING TROUBLE MAKING CALVET HOME LOAN PAYMENTS?
CalVet loan holders who have suffered a hardship and are unable to afford their
monthly CalVet home loan payment may qualify for a loan term extension that will
reduce the mortgage payment. In addition, distressed loan holders may be eligible
for temporary financial assistance from Keep Your Home California, a program
available to CalVet loan holders. For details, call the CalVet Collection Unit at
(916) 503-8356 or (800) 952-5626 toll free.
Certain state and federal laws may protect service members who are struggling
financially because of activation and deployment. The Service Members Civil
Relief Act of 2003 (SCRA), formerly known as the Soldiers’ and Sailors’ Civil
Relief Act of 1940 (SSCRA), is a federal law that gives all military members
some important rights as they enter active duty or are called to deployment.
One benefit of the SCRA is the ability to reduce mortgage interest rates to 6%
under certain circumstances.
Additionally, the California Military Families Financial Relief Act allows for the
deferral of mortgage payments for members of the reserves or National Guard
who are called to active duty. Homeowners needing may call the CalVet Loan
Servicing Unit at (916) 503-8362 or (800) 952-5626 toll free or send an e-mail to
loanserv@calvet.ca.gov.
VA HOME LOAN GUARANTY
VA provides a home loan guaranty benefit and other housing-related programs to
help veterans buy, build, repair, retain, or adapt a home for personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage
companies. VA guarantees a portion of the loan, enabling the lender to provide
more favorable terms.
VA home loans can be used to:
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Buy a home, a condominium unit in a VA-approved project;
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Build a home;
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Simultaneously purchase and improve a home;
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Improve a home by installing energy-related features or making energy
efficient improvements;
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Buy a manufactured home and/or lot.
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