Guidelines
Why Should You Consider a CALVET Home Loan?
The State of California Department of Veteran Affairs Office has allocated bond money available to veterans for the purpose of home ownership in the State of California. This applies to both CALVET VA and CALVET Home Loan Programs.
For both VA and CALVET Home Loan Programs, these funds come with fewer restrictions than bank funded VA Home Loan Programs. Some of these restrictions make getting a CALVET Home Loan possible where a bank might not be able to make the loan.
Some of these advantages include:
No Minimum FICO Credit Score
CALVET does NOT have a minimum FICO Credit Score to qualify. Banks have overlays with their own requirements for minimum credit scores. CALVET has an incredible amount of flexibility to make credit decisions, unlike typical banks.
1% Loan Origination Fee
There is a 1% Loan Origination Fee, with NO additional junk fees to the buyer. Standard appraisal, credit report, normal title fees, tax and insurance, impounds and daily interest apply.
In-House Approval
CALVET loans are approved in-house by underwriters who do not rely on automated underwriting systems (DU). This allows for more individual flexibility and personalized service.
Case By Care Approval Consideration
Approval decisions are considered on a case-by-case basis, and no loan is denied without a thorough review of all circumstances and alternative approaches.
We Approve Loans With No Overlays
CALVET can approve VA loans with no overlays that restrict banks in making credit decisions, resulting in more loan approvals through CALVET.
Partial Entitlements as Low as 15%
CALVET can approve partial entitlements as low as 15%, when most other lenders require a 25% entitlement. This usually affects a Veteran purchasing another home using their VA loan benefit, having another current VA loan outstanding.
Direct Loan Servicing
The CALVET Loan is never sold and it will be serviced directly by the State Department of Veteran Affairs office - Farm and Home Loan Division. You will make your payments to CALVET for the life of the loan, until payoff.
Down Payment Assistance
Down Payment Assistance (DPA) is available on a case-by-case basis, up to 3% of purchase price or appraised value, no payment required for first 10 years, then an amortized 20 year repayment until paid in full, refinanced or property sold.
Available No Certificate of Eligibility
In-House CALVET product may be available with no certificate of eligibility (with active duty for 90 days) and in some circumstances with no entitlement available. Restrictions apply and only used in cases with no other option available. (VA guidelines will always be considered first but CALVET will always look for alternative options to assist the veteran if there is any other possibility).
Loan Limits at 125%
CALVET Loan Limits are 125% of conforming California County Loan Limits. For example, Sacramento/Placer County 2024 conforming loan limit is $766,550 times 125% = $958,187 maximum CALVET Loan Limit. Other CA counties may be higher. At the high end, Contra Costa County conforming limit is $1,149,825 times 125% = $1,437,281 maximum CALVET Loan Limit. Call Doug Bullwinkel at 916-295-0044 or Email dbullwinkel@emortgagecapital.com for information on loan limits for your area.
Mobile Home Loans
CALVET will make loans for Mobile Homes on Land, or in a Mobile Home Park. Higher Down Payment and Interest Rates Apply. There are some restrictions on age and size of mobile homes. Call for Details.
Low Deductibles
CALVET insures their own loans for Fire, Hazard and Disaster Insurance with full replacement coverage and LOW deductibles. ESPECIALLY IMPORTANT IN HIGH FIRE AREAS IN CALIFORNIA where other fire insurance may be unaffordable.
Intrest Rates Based on Issues & Dates
Interest rates are based on bond issues and dates of military service. Reservation/Lock is done at time of submission and review of DD214 until closing, using best rate available.
Rate Locks
Rate locks exceeding 60 days could have an adjustment in rates or general costs, depending on timeline. This could apply to extended locks for new home construction when buying a new home from a builder. YES, CALVET works with new homes.
Quick Pre-Approvals
Pre-approvals are available and issued upon review of DD-214, credit, employment, assets and signed authorization.
Quality Service for Veterans!
Extra attention and quality service is extended to veteran borrowers to meet the needs of closing their purchase loan on time to meet contract obligations.
We Help You Achieve the Dream
Our goal is to provide a quality experience to the Veteran to enable them to experience the American Dream of Home Ownership.