Calvet Loans (loan, fee, refinance, expensive)

[Greenchili]

Anyone here ever used a Calvet loan? We are thinking of using one when
we buy a new home here in CA. My husband is 30% disabled and wondered
if that qualifies him for the lower rate(s) they offer. Currently the rates
have gone up,but they do list lower ones for certain circumstances. A friend
of my husbands is buying new also and he is using Calvet,and said he was
getting 5.5. He is 30% also. Just wondering if anyone has recently used one
or has worked one as a realtor/broker? etc.

Thanks
Greenchili

[Greenchili]

Found out the info today. Think we will go with VA.

[renriq02]

Also look at FHA ....the funding fee is lower (1.5%)

It also depends on how long you plan on living in the home.

Originally Posted by Greenchili

Found out the info today. Think we will go with VA.

[batdevice]

Cal Vet does have some great rates right now but be prepared to pay high closing cost to get those good rates. Be sure to ask a lot of questions before going with a Cal Vet loan.

1. Is there a penalty for early pay off of your loan
2. Who holds your title
3. How long will it take to close
4. The Cost of the appraisal
5. Who decides what houses are eligible for a Cal Vet loan (not all qualify)
6. How long will it take to get a response from Cal Vet
7. How to file a appeal

If you are planning on keeping your Cal Vet loan for 30 years then it might be a great deal, If you are only planning to stay few years in the house of plan to refinance soon then you might be able to find less expensive financing at Non-VA banking institution.