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FAQs

If you do not see the answer to your question, please feel free to contact one of our knowledgable representatives for assistance at 866-653-2510.

 

 

Can I get pre-approval letters for different dollar amounts?https://www.calvet.ca.gov/HomeLoans/Pages/Can-I-get-pre-approval-letters-for-different-dollar-amounts.aspxCan I get pre-approval letters for different dollar amounts?<p>Typically, the initial pre-approval letter is issued based on the maximum sales price the veteran qualifies for.  At the request of the veteran, the letter can be tailored to a specific lower amount for each offer submission.​</p>
Does a CalVet loan utilize my VA eligibility?https://www.calvet.ca.gov/HomeLoans/Pages/Does-a-CalVet-loan-utilize-my-VA-eligibility.aspxDoes a CalVet loan utilize my VA eligibility?<p>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.</p>
Does a Mobile Home on Land have to be on a permanent foundation?https://www.calvet.ca.gov/HomeLoans/Pages/Does-the-mobile-home-have-to-be-on-a-pemanent-foundation.aspxDoes a Mobile Home on Land have to be on a permanent foundation?<p>Yes, the coach must be on a permanent foundation that meets VA/FHA standards and have a 433A recorded.​</p>
Is there a Funding Fee?https://www.calvet.ca.gov/HomeLoans/Pages/Is-there-a-Funding-Fee.aspxIs there a Funding Fee?<p>Yes, CalVet charges the VA funding fee on all loans.  This fee can be waived for disabled veterans.  This fee can be financed on certain products.  On our CalVet 97 product, this fee can not be financed.​</p>
Is there a down payment requirement for a CalVet Mobile Home in a Park?https://www.calvet.ca.gov/HomeLoans/Pages/Is-there-a-down-payment-requirement-for-a-CalVet-Mobile-Home-in-a-Park.aspxIs there a down payment requirement for a CalVet Mobile Home in a Park?<p>​Yes there are down payment requirements based on the type of coach being financed.</p><blockquote dir="ltr" style="margin-right:0px;"><p>New Single-wide coaches – 15% down payment<br>New Multi-wide coaches – 10% down payment<br>Used Multi-wide coaches – 15% down payment</p></blockquote>
Is there a down payment requirement for a CalVet Single Family loan?https://www.calvet.ca.gov/HomeLoans/Pages/Is-there-a-down-payment-requirement-for-a-CalVet-loan.aspxIs there a down payment requirement for a CalVet Single Family loan?<p>Our CalVet 97 loan product requires a 3% down payment.  Our CalVet VA 100% product does not require a down payment.  The down payment can be a gift but the gift will need to be verified.​</p>
Is there an age limit on the coach for a mobile home in a park?https://www.calvet.ca.gov/HomeLoans/Pages/Is-there-an-age-limit-on-the-coach-for-a-mobile-home-in-a-park.aspxIs there an age limit on the coach for a mobile home in a park?<p>CalVet will not finance any coach that is more than 20 years old at time of loan application.​</p>
Is there an age limit on the coach for a mobile home on land?https://www.calvet.ca.gov/HomeLoans/Pages/Is-there-an-age-limit-on-the-coach-for-a-mobile-home-on-land.aspxIs there an age limit on the coach for a mobile home on land?<p>​There is not an age limit per se. The appraisal will be used to determine if there is sufficient economic life available for the loan request.</p>
What are the foundation requirements for a Mobile Home on Land?https://www.calvet.ca.gov/HomeLoans/Pages/What-are-the-foundation-requirements-for-a-Mobile-Home-on-Land.aspxWhat are the foundation requirements for a Mobile Home on Land?<p>The Mobile Home must be on a VA/HUD approved foundation system.​</p>
What document is required to verify the coach is permanent to the land?https://www.calvet.ca.gov/HomeLoans/Pages/What-document-is-required-to-verify-the-coach-is-permanent-to-the-land.aspxWhat document is required to verify the coach is permanent to the land?<p>CalVet requires a recorded 433A for the property showing the coach is now permanently installed on the land and is considered a permanent fixture of the property.​</p>
What is the maximum debt ratio on a CalVet VA loan?https://www.calvet.ca.gov/HomeLoans/Pages/What-is-the-maximum-debt-ratio-on-a-CalVet-VA-loan.aspxWhat is the maximum debt ratio on a CalVet VA loan?<p>​CalVet follows standard USDVA guidelines which sets the debt ratio at 41%.  However, exceptions to this ratio are granted.</p>
When do I lock in my rate?https://www.calvet.ca.gov/HomeLoans/Pages/When-do-I-lock-in-my-rate.aspxWhen do I lock in my rate?<p>The rate is locked in at the time the loan package with the purchase contract is accepted by CalVet for processing.  The rate is good until the loan closes.​</p>

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