Cal Vet Home Loans

Veterans, now you can get the Best Rates on the market, if you have served and/or still serving in the Military, you have access to the best financing available.

Cal-Vet and VA have expanded their eligibility. Now more veterans (including those now on active duty can be eligible for a Home Purchase).

All eligible Veterans must provide a:

DD-214 - Form: (DD-214 Request Form is located at the bottom of this page)

The address that you sent to will be listed on the 'Third Page' of the this form - depending upon your location.

Request for Certificate of Eligibility: (Certificate of Eligibility Form below)

Send all of your Request for this Certificate to:

                       VA Eligibility Center
                       P.O. Box 20729
                       Winston-Salem, NC, 27120

Make sure you complete all of the requested information and
sign and date all forms at the bottom of the page.

Statement of Service:
Must be provided if you are currently serving on active duty, it must state the qualifying date and character service being served.

Honorable Discharge You must have an Honorable Discharge.

Cal-Vet Interest Rate: (Rate Form is located below)

Cal-Vet has the better interest rates than any other lender can offer: Starting 5/1/08:

6.01% = for veterans who had service prior to 1/1/1977, who apply for a loan within 30 years of their date of release from active duty and who served during wartime.

5.45%= for veterans who are first time homebuyers or who purchase properties in a target area. These funds are available to all veterans subject to income limits, purchase price limits, and recapture tax liability.

5.45% = for other veterans with wartime service. Availablility of these funds is limited.

These rates are subject to change and do change with the economy conditions, call us for availability.

Types of Allowable Properties:

Construction loans
Rehabilitation loans
Mobile Homes on land, and
Mobile Homes in parks.

Cal Vet Maximum Purchase Price:

$521,250 = Single Family Residence
1.25% to 3% = Funding Fee (May Be Financed)
1% Origionation Fee
VA Certificate of Eligibility

Cal-Vet Home Purchases:
3% = Down Payment
1.25% - 2% Funding Fee

To apply for this loan product go to: http://www.advancemortgagecorporation.com/id71.html.

LOAN GUARANTEE FEES:
These 'Fees' are based on the following factors:

The amount of the loan and
The size of the down payment.
There is no fee to a Veteran who puts 20% or more down or who is rated disabled by the VA and puts 10% or more down. Furthermore, this fee may be financed with the loan.

TYPICAL NON-RECURRING COSTS:

Loan Origination Fees: (1% x TOTAL Loan Amount), or use the worksheet to calculate.

Appraisal Fee: This is an up-front fee - completed before approval, Cal-Vet will order the Appraisal for the Purchaser / Borrower.

Credit Report Fee: (Usually collected up-front)

Title Insurance: Calculated by the Purchase Price of the Home.

Flood Certification Fee: Required on all New Purchases.

Recording / Endorsement Fees: Required.

VA Funding Fee: (0.050% to 3.00% - per Charts) .

VA Compliance Inspection Fee: ($50.00 to $60.00 as established by local VA Office).

Discount Points: If you are wanting to Pay 'Discount Points' to obtain an available lower rates - Cal-Vet will (Multiply the 'Total Loan Amount' [Use Worksheet to Calculate Points].

Energy Efficient Rating Fee: Typically $100.00 to $200.00 dollars.

Survey Fee: (If required by lender or VA).

Many of these fees may be financed in a Purchase Contract - Talk to one of our agents to find out more.

RE-CURRING COSTS: (Pre-Paid Fees)

Fire Insurance Premiums: 14-Months (Pre-Paid by Veteran)

Flood Insurance Premiums: 14-Months (Pre-Paid by Veteran)

Pre-Paid Interest: Approximately 15 to 30-Days (Pre-Paid Interest)

Taxes: Approximately 6-Months (varies depending on Closing Month).

All of the above Fees may be "Seller Paid"!!!

NON-ALLOWABLE COSTS:

When the Veteran pays the 1% Loan Origination Fee, the Veteran may not pay for fees associated with any of the following services or goods.

This is why you must be "Cal-Vet Pre-Qualified" by a "Trained Cal-Vet Real Estate Agent / Broker" before you ever start looking for a home.

Attorney Services: These services are other than for Title.

Application Fees: Not Allowed

Escrow, Settlement or Loan Closing Fees: Not Allowed.

Inspection Fees: Not Allowed.

Lender Fees: Not Allowed.

Loan Commitment: Not Allowed.

Trustee: Not Allowed.

Truth and Lending Preparation Fees: Not Allowed.

Lender Appraisal Fees: Not Allowed.

Lender Postal Fees: Not Allowed.

Lender Telephone Fees: Not Allowed.

Loan Document Preparation Fees: Not Allowed.

Notary Fees: Not Allowed.

Processing Fees: Not Allowed.

Photo Fees: Not Allowed.

Tax Service: Not Allowed.

Underwriting Fees: Not Allowed.

This is why it's so important to communicate with an approved Cal-Vet Agent to Represent you in your Purchase and Mortgage Transaction - just to make sure that all requirements are met and the process goes smoothly.

DD-214 Request Form

Request a Certificate of Eligibility

Cal-Vet Interest Rate Chart

Cal-Vet and VA Purchase Price and Income Limits Chart

Cal-Vet Interest Rates Explained and Pre-Qual Form

Advance Mortgage Corporation * 7676 Hazard Center Drive, Fifth Floor * San Diego * CA * 92108 Toll Free: (800) 584-9030