Military veterans should consider California VA home loans and CAL VET loan incentives that offer significant savings with lower rates. Take advantage of no down-payment with VA loan eligibility and no out of pocket closing costs on California Veteran loans. VA mortgage rates are dropping again and are fixed for 15-30-year loan terms. We anticipate that VA home loan amount limits in California will remain high this year. We will help you find lenders that are offering no cost VA loans in California to qualified veterans with competitive CAL VET loan rates.
What Are Cal Vet Home Loans?
CalVet loans, (California Veteran Loans) are a unique home financing initiative that was created for veterans to securing home financing in California. This specialized loan program offers veterans the advantage of lower-than-average mortgage rates. Notably, unlike conventional home mortgages provided by traditional lenders or banks, Cal-Vet loans often do not necessitate a down payment.
While certain home loans are restricted to either purchasing homes or acquiring land for building or farming purposes, and many exclude mobile homes, Cal Vet loans stand out by accommodating various property types. Qualifying for a CalVet loan also opens up possibilities to receive funds for purchasing, remodeling, or constructing homes.
What is the best way for California Veterans to secure the lowest rate mortgage for purchase or refinance?
California Vet home loans offer Veterans access to a home loan with no down-payment and reduced interest rates for purchase and refinance transactions. BD Nationwide will introduce you to CAL VET lenders that offer loans for refinancing, purchasing and debt consolidation. Check VA-interest rates today.
Recently we introduced the Cal-Vet Home Loan that was created to help California Veterans with home financing. These mortgage loans typically offer retired military personnel reduced rate financing with interest rates below market levels and often no down payment is needed for home purchase loans. Recently the VA expanded eligibility so that nearly any veteran wanting to buy a home in California is eligible. Find out if the new CAL VET Loan program is the right mortgage for your needs.
CAL-VET Loan Options for 100% Mortgage Financing
Frequently Asked Cal-Vet Home Loan Questions
What are the eligibility requirements for Cal-Vet Home Loans?
Veterans who served a minimum of 90 days active duty and received an Honorable Discharge and are eligible for the Cal-Vet Home Loan Program. There may have been changes in the Military & Veterans Code and Calvet loan funding policies that may have made more veterans eligible under state law.
What is the down-payment required on Cal Vet mortgages?
If you meet the eligibility requirements for a 2018 Cal Vet loan, there will be no deposit or money needed for the down-payment. This $0 down home loan has helped a lot of military veterans over the years.
Can I refinance into a Cal-Vet mortgage if I already own home?
No. You are required to apply for Calvet loan prior to purchasing a new home if you are seeking financing via the Cal-Vet Loan Program prior to processing the property or taking title to the home. If you are building a house on land you already own, you need to submit for approval prior to construction completion.
Is there a pre-penalty to refinance my Cal-Vet mortgage down the road?
Cal-Vet Home Loans have no prepayment penalties of any kind. You can refinance or pay off this Cal-Vet mortgage loan at any time.
California Veteran Resources:
Bad Credit Cal-Vet Loans Available for Military?
According to the Revised VA Pamphlet 26-7, Chapter 4, Credit Underwriting, bad credit may not disqualify a veteran from getting a VA loan. There are ways you may qualify even with bad credit.
- VA Loans for buying or refinancing
- Great Cal Vet Loan Rates
- Appraisal may be waived!
- 100% Veteran Loans
- Multiple Mortgage Programs for People in the Armed Forces
- Learn how to buy a home with limited or no credit
- No Minimum Credit Score with VA loans
Is the Cal-Vet interest rate fixed?
Cal-Vet Loans have an adjustable interest rate. Unlike most variable rate mortgages, the Cal-Vet home mortgage rates have been very stable because the interest rate is not tied to an index, like the MTA, COFI or Treasury. Home loans granted in 1999 and since then have mortgage rates that are based on the cost of the bond funds and market conditions and are capped at the interest rate increase of 0.5% (1/2 of (see lender)) over the term of the 30-year mortgage loan. There is no fees or cost to apply for a Cal-Vet loan today.