Are we doing enough for the men and women who serve their country in the Armed Forces?
There is a benefit for qualified veterans, in California, that has been updated to reflect market conditions. It's called the CalVet Home Loan, and frankly, it's a homerun for all parties concerned. There are over 3 million veterans in California (that's almost 10% of our citizens). This program has been around in California since 1921 and, until now, has not cost the taxpayers of California one red cent. It is financed through municipal bond offerings and has been self-sustaining since its inception.
Key points of the Cal-Vet program include:
1- 100% financing for qualified veterans.
2- A loan limit of $521,250 for SFR, condo, and manufactured homes (attached to the foundation and taxed as real property).
3- $125,000 loan limit for manufactured homes NOT attached to the foundation (in-park) and taxed as personal property.
4- 30 day processing time is GUARANTEED by law.
5- One-Time Construction to Permanent Loan for Owner Occupied properties up to 97%.
6- Home Improvement Loan up to $150,000
7- No credit scoring requirements (good credit history for 12 months is required)
Certified Mortgage Brokers can participate in the CalVet Home Loan Program and will be paid the 1% origination fee (borrowers pay this fee whether using a broker or not). This allows borrowers to get some professional guidance and a loan professional to "walk" their file through the underwriting process.
Sometimes, the government gets it right. This is one of those times.
