CalVet Home Loans

In California's volatile real estate market it's vital to your income to have excellent financing options for your buyers. CalVet's flexible interest rate will allow you to help more veterans into homes while increasing your sales potential as well. Not only can you offer your veteran buyers a great loan at a great rate, but the low loan fees reduce the up front costs for the buyer and gives more flexibility in structuring the deal with the seller.

This home financing program serves all veterans living in, or planning to live in California. Previous residency requirements have been removed, and the program has been vastly improved. Eligibility has been expanded, making most veterans eligible.

Some of the highlights of the new CalVet loan program include:

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.

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.

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.

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.

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.

Mortgage brokers certified by CalVet may now originate CalVet loans. You may have them process the loan. They will receive the 1% loan origination fee. You Other fees may be negotiated between buyer and seller, including an additional brokerage fee. If a VA Guaranty is to be obtained on the loan the fees paid by the buyer must comply with the USDVA's policy on allowable fees and charges.

Here at CalVet, we go the extra mile to say "thanks" to our veterans. Without them we wouldn't enjoy the quality of life and freedoms that are available to us today. We hope you'll want to say "thanks" to them too, and help them take advantage of the best loan available to them, the CalVet Home Loan. Your clients will be left in good hands with the protections provided by the low cost insurance programs, and the opportunity to use a home improvement loan at the same low interest rate!

If you'd like more information, just call any of our CalVet District Offices. Call the toll free number listed below to locate the District Office nearest you. CalVet loan professionals will help you every way they can to arrange for, and quickly close, a CalVet loan for your veteran buyers.

You can also check out our website for the latest information on this great loan program. You will find a listing of available CalVet owned properties, and down-loadable prequalification forms, as well as standard loan, construction loan, and home improvement loan application forms at your fingertips.

Become a CalVet specialist. We offer a seminar certified by D.R.E. to give you three hours of continuing education credits--plus in depth knowledge about CalVet--ask your Association to schedule a seminar. Also, a CalVet rep would be glad to provide a presentation at your office.

Call today. We'll direct you to the closest district office, put details in the mail, and answer all your questions.

"CalVet loans are the best to use for your veteran buyers. My father had an offer using a (regular) V.A. loan. I suggested that he call CalVet to compare their loan with the V.A. loan. CalVet won, with flying colors! My father saved $5,000 as the seller and the buyer qualified for $10,000 more loan. And, both of them were extremely happy with the service they received from the CalVet office. Additionally, the buyer's agent has been educated as to the benefits of a CalVet loan and he can sell more homes with that knowledge. So, a CalVet loan is a winner for all parties to the sale."

"The combination of flexibility and benefits that the CalVet program offers to its veteran loan holders is unmatched by any other loan program."

For more information, or to get your loan process started, call your local district office. Or contact the Department of Veterans Affairs toll free information: 800-952-5626