CalVet Loan Losing Luster
HOME LOANS, SHASTA COUNTY, TIPS FOR BUYERS
April 18th, 2009
CalVet loans have fallen out of favor with borrowers due to plummeting interest rates on conventional loans. Interest rates for CalVet loans are determined by bond sales. Periodically, CalVet places a proposition on the California ballot authorizing the Department of Veteran Affairs to sell bonds to raise funds for this unique loan. Bond sales have been challenging due to the housing industry meltdown. Current funding comes from the sale of bonds that occurred years ago at higher yields. The best rate CalVet can offer today is 5.75%. Conventional loans are under 5% today.
Here are some other details about Cal Vet loans:
- Maximum loan limit in Shasta County is $370,266-Tehama-$273,058-Siskiyou & Trinity-$258,690
- Loans are now available for mobile homes in parks-90% LTV for new homes and 85% LTV on used
- Cal Vet can be combined with a VA loan for 100% LTV (loan-to-value)
- Cal Vet requires a 3% downpayment. The borrower will be required to pay a funding fee
- If the veteran can muster a 20% downpayment, there is no funding fee
- The funding fee ranges from 1.25% to 3.3% and is waived for disabled vets with 10% or higher disability rating
- Eligible vets include non-California veterans, California National Guard or US Reservists
- Loans can be processed directly through the local Cal Vet office or mortgage brokers
- Qualified veterans must apply for a loan within 25 years of the last date they left active service
- Cal Vet loans use a Land Contract of Sale instead of a deed of trust to secure the loan
Cal Vet will study the bond market this fall and may try to sell bonds at lower rates if the bond market has investors interested at the lower yield.
Contact Audrey Sandeen, District Manager for the California Department of Veteran Affairs with specific questions. She can be reached at 530-224-4955.
CalVet requires the vet purchase a life insurance policy that will cover the mortgage payments for 5 years if the vet dies.
For more information on cal Vet loans, view my previous post at:
http://movetoredding.com/?s=calvet
Contact me if I can be of help.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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