A Different Mortgage Option for California Veterans

Rocklin Real Estate Podcast with Dave Silva

You've probably heard of VA loans for veterans looking to buy a home, but we can actually help you get an even better product through the California Veterans Administration.

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We have an excellent contact at the California Veterans Administration and today, I wanted to tell you about a great loan product they can set you up with if you're a veteran looking to buy a home.

There are some subtle differences between a normal VA loan and a California Veterans loan. Most brokers in town can issue a normal VA loan; they're just insured and guaranteed by the federal Veterans Administration.

The cool thing with the California Veterans loan is that it's actually California bond money financing the loan. Nobody will sell the loan and it won't be serviced by some other company. In fact, it will be serviced right here in Sacramento at the California Veterans Administration, which we call Cal Vet for short.

When my dad became disabled, they actually continued to make the payments on my folks' property.

It's definitely a good product that I'm personally familiar with because my folks had one many many years ago. When my dad became disabled, they actually continued to make the payments on my folks' property.

With a normal VA loan, the rates can actually adjust two or three times a day. Until you're under contract and locked in, the interest rate can go higher or lower frequently. You also have to worry about time frames. If you're looking to buy a new home that's under construction, there might be four to six months of construction. With a VA loan, your contract is locked, so you don't have to worry about your interest rate rising during that construction period.

Another advantage comes with the homeowners insurance aspect. With a VA loan, your structure insurance is actually covered in your loan. All you'd need is a renter's policy to cover your contents, which saves you more money off your monthly expenses.

If you'd like to learn more about these loans, I'd be happy to get you in contact with my contact at Cal Vet. Just give me a call or send me an email and we can get that conversation started for you.