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If you are a veteran planning on purchasing a home in California, you my be eligible for a special Cal-Vet home loan.
CalVet Home Loan products have below market interest rates with low or no down payment requirements. Now, nearly any veteran wanting to buy a home in California is eligible.
Low interest rates – CalVet’s low competitive fixed rate is available for many eligible veterans.
Low costs – CalVet charges a low 1% origination fee. No other lender fees (no underwriting, processing, or document fees).
Manual Underwriting – Each file is reviewed by a live underwriter who approves “make sense” loans for deserving veterans.
Exceptional Insurance – CalVet loans generally carry Fire & Hazard insurance and Disaster Indemnity (Flood & Earthquake) coverage that is unparalleled in the industry. Low deductibles are standard.
In order to obtain a VA home loan, you must first get a VA Home Loan Certificate of Eligibility (COE). This certificate is issued only through the Veterans Administration. Veterans, active duty, guard and reserve members, and military spouses all potentially qualify for this certificate. Keep in mind that the COE, while necessary, only allows an eligible individual to apply for a home loan; it does not guarantee loan approval.Eligibility for the COE is based on an individual’s (or a spouse’s) military service. First, see if you are eligible based on the major categories below.
1. Wartime – Service During:
You must have at least 90 days on active duty and been discharged under conditions other than “dishonorable”. If you served less than 90 days, you may be eligible if you were discharged for a service-connected disability.
2. Peacetime – Service during periods:
You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if you were discharged for a service-connected disability.
3. Service after 9/7/1980 (enlisted) or 10/16/1981 (officer)
If you were separated from service which began after these dates, you must have:
4. Gulf War – Service during period 8/2/1990 to date yet to be determined
If you served on active duty during the Gulf War, you must have:
5. Active Duty Service Personnel
If you are now on regular duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.
If you are not otherwise eligible for a VA loan according to the major categories above, you could still be eligible if you fall under one of these categories:
Selected Reserves or National Guard
You need to have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and:
If you’ve completed less than 6 years of service, you may be eligible if discharged for a service-connected disability.
You may also be determined eligible if you:
Note: If you are a surviving spouse, you may also be eligible for VA loan benefits. Read the article VA Loan Eligibility Expands for Surviving Spouses for more details.
Eligibility may also be established for:
Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.
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