CALIFORNIA DEPARTMENT OF VETERANS AFFAIRS (CalVet)

CALIFORNIA DEPARTMENT OF VETERANS AFFAIRS (CalVet)

Phone: 800-952-5626
Website: www.sdva.ca.gov/CalVetLoans

CalVet Home Loan Purchase Program:

The State of California, using the CalVet Home Loan, provides below-market interest rates in an attempt to offer qualified veterans and active-duty personnel the best home-purchasing power available. The CalVet loan program exists as a way of showing appreciation to both active military personnel and military veterans wanting to purchase property and live in California. Applicants for the CalVet Home Loan Program will enjoy a competitive, below-market interest rate on loans up to $521,250 with little or no money down.


NATIONAL HOMEBUYERS FUND

Phone: 866-643-4968
Website: http://www.nhfloan.org

National Homebuyers Fund, Inc. (NHF) is a non-profit public benefit corporation, formed in 2002 through sponsorship from California Rural Home Mortgage Finance Authority (CRHMFA) Homebuyers Fund (CHF), a California joint exercise of powers agency of Regional Council of Rural Counties, since 1993. The mission of both organizations, NHF and CHF, is to provide a consistent source of financing to help potential home buyers with the purchase of a home. These homeownership programs are focused primarily on a large but underserved segment of the home buyer population - those without the financial resources to afford the down payment and closing costs associated with a home purchase. NHF offers two types of mortgage-assistance programs:

The FirstHouse Program for first-time home buyers features:

- Below-market interest rates
- Fixed-rate loans with terms up to 40 years
- Fixed-rate loans with an initial interest-only period
- Down payment and closing cost assistance, up to 105 percent financing
- Little-to-no home buyer contribution required
- Optional grant available for down payment and closing costs

The Access Program is open to first-time or previous home buyers. It features:

- Financing up to 105 percent of the sales price to cover the mortgage loan, down payment, and closing costs
- No first-time home buyer requirement
- Competitive interest rates to keep payments low
- Variety of loan terms to fit clients' needs
- No recapture tax assessed if home is later sold
- Little-to-no borrower contribution required