![]() ![]() The Dream For All Shared Appreciation Loan You can call CalVet loan originators to check your eligibility at (866) 653-2510 (Monday-Friday, 8 a.m.-5 p.m.). The agency provides special VA loan options that can help veterans who wish to buy homes in the Golden State. It says its website “is designed to help you understand the steps to homeownership and discover just how easy and stress-free purchasing a home and securing a CalVet home loan can be.” The CalVet program is open only to veterans, service members, and those in closely associated groups. But the CalPLUS conventional program comes paired with the MyHome and ZIP programs that will cover both your down payment and closing costs. This 30-year, fixed-rate loan comes with a slightly higher mortgage rate than the standard conventional home loan. ![]() Like all conventional loans, you’ll have to pay for private mortgage insurance when your down payment is less than 20% of the home purchase price. ![]() The CalHFA conventional program is a 30-year mortgage with a fixed interest rate. This 30-year, fixed-rate loan is backed by the USDA and comes with down payment assistance, called the “MyHome Assistance Program.” In addition to CalHFA guidelines, applicants to the CalHFA USDA program must meet both USDA income limits and eligible rural area requirements to qualify. The CalHFA VA program can be used to finance the purchase of a single-family home or condo. CalHFA VA loanĮligible veterans and active-duty service members have access to this VA-insured mortgage with a 30-year loan term and fixed-interest rate. Similar to the CalHFA FHA loan, this program features a 30-year mortgage that will finance the purchase of a single-family primary residence. However, this home loan is combined with a closing cost assistance program, called the CalHFA Zero Interest Program (ZIP). The CalPLUS FHA program is another government-backed mortgage that comes with a slightly higher interest rate than its standard FHA loan. You can use this loan to purchase a single-family home or approved condominium. The CalHFA FHA loan program is guaranteed by the Federal Housing Administration and features a 30-year mortgage with a fixed interest rate. But fees vary depending on the service you choose. And, it facilitates one-on-one counseling sessions for home buyers, which can be face-to-face or virtual. Participation is mandatory if you want to be eligible for financial help from the agency.
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