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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 rehab work to get what you really need.
Few lenders will even consider this kind of purchase. And if they do, it's
an expensive loan with a big down payment, with lots of costs and fees as well.
You'll be dollars ahead, sometimes thousands of dollars, when you 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
- Free Prequalification
- Expanded eligibility
- 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.
A Home that Meets your Needs
With one loan package you've purchased and rehabilitated a home to meet your needs. Ask your CalVet
representative for more information on these and other types of CalVet loans. We want to be the loan of
choice for whatever kind of home you want to buy.
For more information about CalVet Rehabilitation Loans, call your local
CalVet office, or contact the Department of Veterans Affairs
at our toll free information line: 800-952-5626.
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