Which document is used with a CalVet loan?

What is the difference between a CalVet loan and a VA loan?

With a VA loan, the veteran holds the deed and the legal title. With a CalVet loan, only veterans who reside in the state of California are eligible, while VA loans are available to veterans nationwide, regardless of where they reside.

Can you have a VA loan and a Cal Vet loan at the same time?

CalVet Affect on VA Eligibility

If you’re buying a home using a CalVet loan and the guarantee actually comes from the VA, it may reduce your loan entitlement from the VA. Your CalVet and VA loan eligibility are restored once you’ve paid off or refinanced your CalVet mortgage into a loan from a traditional lender.

Is Cal Vet a VA loan?

The CalVet VA loan does use your VA entitlement eligibility. The CalVet VA is the first choice of our underwriting team due to the 100% financing feature of this loan. CalVet also has a CalVet97 product that does not use the VA entitlement eligibility.

What type of property is acceptable to receive a Cal Vet home loan?

CalVet Home Loans offer some of the lowest interest rates and require no down payments in most cases. CalVet Home Loans can be received for those buying all types of property, including regular properties, farm land, and mobile homes. CalVet Home Loans can also be used for home improvement and home construction.

Who generally qualifies for CalVet loans?

Nearly all veterans purchasing homes in California are eligible for a CalVet Home Loan, including Veterans who served during peacetime. Only 90 days of active duty and discharge classified as “Honorable” or “Under Honorable Conditions” are required.