Cal-Vet Home Loans
Military.com
If you are a veteran planning on purchasing a home in California, you my be eligible for a special Cal-Vet home loan. The advantages of this program include:
- Low interest rate on regular loans. If you are a first-time home buyer and meet certain requirements for bond funds, the rate is even lower.
- Low down payment which could be as little as 2 or 3 percent of the purchase price.
- Maximum loan of up to $250,000 for regular properties, $300,000 for farm properties, and $70,000 for mobile homes in rental parks.
- Expanded Eligibility. There are no prior residency requirements. All other standard eligibility requirements apply.
- Reusable Loans. As long as you pay off all previous Cal-Vet loans, you can get a new Cal-Vet loan every time you purchase a new property.
- Home and Loan Protection Plans. Cal-Vet loans offer a deductible of $500 on flood claims, and $500 or 5% of the coverable loss (whichever is greater) on earthquake and mudslide claims. The loan also includes fire and hazard insurance coverage.
For more information on associated fees and coverage, visit the Cal-Vet Home Loan page on the California Department of Veterans Affairs Website, or call 800-952-5626.
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