VA Home Loans offers a special home loan called Cal-Vet Home Loans, for eligible veterans planning to purchase a home in California.
The benefits of this program include:
- Big loans – Maximum loans of up to $250,000 are available for regular properties, $300,000 for farm properties, and $70,000 for mobile homes in rental parks.
- 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.
- Low interest rate on regular loans – If you are a first-time homebuyer and meet certain requirements for bond funds, the rate is even lower.
- Low down payment – Down payments could be as little as 2 or 3 percent of the purchase price.
- 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.
Eligibility
As mentioned, standard eligibility requirements apply.
LINKS
- For more information, please visit the California Dept. of Veterans Affairs Home Loans page: http://www.cdva.ca.gov/CalVetLoans/Default.aspx
Sign up at the box on the right to find out more home loans for veterans or other housing info.
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