REQUIRED CAL-VET FORMS

 

 

DD-214 Separation: (Form)
Instructions and Information Sheet for "SF-80" request pertaining 'Military Records', complete all sections known on this form, include your 'Branch of Service', sign and date the form. Mail to the Address on the same form.

Certificate of Eligibility:
Here is the Request for your Certificate of Eligibility Form,
It takes about 3 Weeks to get this and it will be returned
Directly to you at your home address.

Make sure you complete "Section 6" (with dates from, to, service and branch), and anything else that applies, Sign and date at the bottom.

Mail Your Certificate of Eligibility to:
VA Eligibility Center
P.O. Box 20729
Winston-Salem, NC, 27120

 

Print the Top Link 'Complete the Form' with the Above Questions and "Mail" or "Fax" to the Following Address: (Faxing is Preferred).

Advance Mortgage Corporation
Cal-Vet Lender Approved
7676 Hazard Center Drive, 5th Floor
San Diego, CA, 92108
Phone (800) 584-9030

Purchase Price & Income Limits Defined: (Click to See the Form)
The Income Limits are based on a chart that Cal-Vet puts out they are arranged by:

  • County: Maximum Income that is allowed per County for Qualifying Cal-Vet.

  • Non-Targeted and Targeted Areas: Cal-Vet determines the "Non-Targeted" and Targeted Areas and determines the Maximum Income Allowed based on how many people.

  • Persons: "1 and 2 Persons" and "3 or More Persons" for Maximum Income Limits.

PICK YOUR CAL-VET PACKAGE

Interest Rates: (Click Link to See Rate)
Right here You can determine what 'Rate' You 'Qualify' for based upon Your 'Counties'

= 'Income Limits' - per year and your:

= Counties allowable Maximum 'Purchase Price'.

This loan program is not subject to "Income & Purchase Price Limits and Federal Recapture Fees" neither is "War Time Service" required. (If the Veterans Income is more than the 'Income Limits' that are required by Cal-Vet or VA, then this is the rate program that the Veteran qualifies for).

This loan program is subject to "Income & Purchase Price Limits and Federal Recapture Fees" but must have served prior to JANUARY 1st, 1977 and apply within 30 years of release from active duty. Also "War Time Service" is required. (The Veterans Income must be less than the 'Income Limits' that are required by Cal-Vet or VA, then this is the rate program that the Veteran qualifies for).

This loan program is subject to "Income & Purchase Price Limits and Federal Recapture Fees" but no "War Time Service" is required. (The Veterans Income must be less than the 'Income Limits' that are required by Cal-Vet or VA, then this is the rate program that the Veteran qualifies for).

YOU WILL NEED THESE FORMS ABOVE BEFORE YOU CAN GET OFFICIALLY APPROVED.

 

Cal-Vet Pre-Approval Form & Cal-Vet Explained: (Print the 2-Page Brochure)

You can also Complete this Form and Mail it to the address below:

CAL-VET PRE-QUALIFICATION FORM: (Explained & Completed by the Veteran)

  • Veterans Personal Information - Requesting basic information about the Veteran, (name, age, social security number, active duty dates, spouses name, their social security number, the number of dependents that you have, your address and phone number; (1) Previous Cal-Vet Loan? (2) Previous VA Loan? (3) Paid? [Spouses and Children - qualify; Non-Relative, Co-Applicant Roomates - do not].

*****

  • Veterans and Spouses Employer's Information - Request of Veterans and their Spouses (Gross Monthly Income, if they have been at the same job for 2-years or more? And if the Veteran has a "VA Disability Rating" - Yes or No (answer) and Percentage (amount)?

****

  • Veterans Monthly Long Term Debt - Questions about the Veterans "Long-Term Debt" Not including any Debts that are Due to be 'Paid-Off' within '10-Months'. (Do Not Include Rent, Car Insurance Amounts - Just include your "Monthly Credit Card Debts").
  • Child Support Payments- State if you pay any Child Support (if any).
  • Rental Amount - Here the Veteran includes his/her Monthly Rental Amount and any additional Mortgages that the Veteran may have (Not including current Cal-Vet or VA mortgage loans - but other Rental Income, (if any).
  • Veterans Loan Amount Request - How much do you want to "Pre-Qualify" for? And in what area 'City' and 'State'?
  • Down-Payment Amounts: (if any) - Down-Payment "Source of Funds" that will be used: (Checking or Savings, Stocks and Bond or CD Accounts, 401K, IRA, etc,.)
  • Known Credit Problems - Are you aware of any Current or Past 'Credit Problems" that may affect your ability to Purchase? (Please enclose small explaination in envelope before mailing).
  • Type of Home Purchase - Do you expect this to be a (Single Family Home, Condo, Mobile Home)?
  • Are You A First-Time Home-Buyer? - Explain (Yes) or (No)? The answer is No if it has been more than 3-Years and you do not currently have a Home.

Please Note = You can Currently be a Home-Owner to Qualify for Cal-Vet or VA, (You just CANNOT own that home under a Cal-Vet or VA Home Loan - You can have another Conventional Loan and it will NOT affect you; You just won't be a 'First-Time" Home Buyer, but you can still get or qualify for a Cal-Vet or VA Home Loan.

  • Veterans and Spouses Signature and Date: - You must Sign and Date this Form.
  • Veterans Realtors Information: We will provide you with a Real Estate Agent / Broker that will complete your Purchase Contract for you and Include all of the Veteran Benefits that are involved.

THIS IS A VERY IMPORTANT PROCESS IN THE PURCHASE OF YOUR HOME - BECAUSE AS A "VETERAN" THEIR ARE MANY FEES THAT YOU DON'T PAY - SO WE MAKE SURE YOU GET THE BENEFIT

CAL-VET EXPLAINED:

  • Update on Current Interest Rates - What are the current Cal-Vet Interest Rate's?

  • Cal-Vet Purchase Benefits - Specialty Services for those who deserve it!!!
  • Non-Allowable Closing Costs - Another Veteran Benefit.
  • Re-Curring Closing Costs - Taxes, Fire, Flood Insurance's - Costs that continue to occur.
  • One-Time Purchase Closing Costs - One-Time Title, Escrow and Origination Fee.

 

LOAN PROGRAMS:

The Loan Programs available for all the Interest Rates above are:

(1) Cal-Vet,

(2) VA,

(3) Cal-Vet 97%, and

(4) Cal-Vet 80/20.

CAL-VET or VA LOAN PROGRAMS:

Types of Allowable Properties
Construction loans
Rehabilitation Loans
Mobile Homes on Land
Mobile Homes in Parks

 

Mobile Home Rental Parks
$70,000.00

Mobile Home Rental Parks

 

Farm Properties
$521,250.00 Farm Properties

 

Eligibility Rules: (Click Link to Read more about Eligibility)
Click the following Links to get the Required Forms that you will need for Cal-Vet:

Determination Concerning Eligibility Form: (Click for the Form)
This Form is from the "State of California Department of Veteran Affairs - Division of Farm and Home Purchases" these are questions that need to be reviewed by the Veteran and signed at the bottom - before Official Loan Approval can begin.

Cal-Vet Closing Cost Fees: (Cal-Vet and VA Sheet)
Closing Costs Fees are alway involved in a Purchase (or Refinance), but when it comes to Cal-Vet their are "Allowable Fees" = that are charged to the Veteran; "Recurring Costs" also known as "Pre-Paid Fees" those are charged to the Veteran for Fire, Flood, Pre-Paid Interest and Taxes; "Non-Allowable Costs" are those fees that are not charged to the Veteran. That is why before going out to purchase a Home using your benefits, you need to talk to us First.

NO MORTGAGE INSURANCE PREMIUMS:

When you purchase a home with less than 20% down payment or no second mortgage (at least for the amount of 20%) you will have to pay "Mortgage Insurance Premiums" - but not with Cal-Vet, their are no Mortgage Insurance Premiums every month. This expense is non-tax-deductible and typically anywhere from $150.00 to $200.00 dollars per month.

RESIDENCY REQUIREMENTS:

There are no prior-residency-requirements to qualify and each time you change your residence you can reapply for a new Cal-Vet loan - again and again - It is Renewable and Reusable. You must occupy the home as your primary residence and are subject to new eligibility and financial qualifications.

 
No Private Mortgage Insurance:
Cal-Vet loans help keep your mortgage payments down, by eliminating the need for 'Private Mortgage Insurance' premiums that are usually found in most traditional loans, this premium usually increases the cost of the loan and in turn, your monthly payment anywhere from $60.00 to $150.00 dollars a month on an approximate $150,000.00 dollar home loan.
 

Questions & Answers: (If You have Questions - We have Answers)
Heres more information that you can learn about the Cal-Vet Loan Program.

COMPLETE A CAL-VET LOAN APPLICATION:
If you want to Qualify for 'Cal-Vet' you will need to complete a Loan Application.

 

Your Tax Advisor can set you up with deductions in origination fees, discount points, loan interest, depreciation and your  veteran's homeowners exemption.

 

ABOUT YOU:
First Name
Spouses Name
Last Name
Home Number ( )
Work Number ( )
Fax Telephone ( )

E-mail Address  
Street Address
City
State Zip
Your SS#
Spouses



Loan Application

Comments, Questions and/or Suggestions:


All offers, rates and programs are subject to change and are based on availability.
Only one offer can be valid per pre-approved borrower.

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Copyright © February 2, 2000.
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