Zero Down: This is the CalVet/VA product. With this loan CalVet/VA finances 100% of the purchase price and the veteran is not required to make a down payment. Zero! Nada! Zilch! Nula! Nought! Nothing! Maximum loan amounts for 2022 range from $809,000 to $1,213,500.

3% Down: This product is for veterans, property types, and purchase prices that are not eligible under CalVet’s standard underwriting guidelines. More specifically, a veteran that is not eligible, or has lost their eligibility to participate in the VA loan program; or a property type that does not appear on CalVets “Types Of Property Financed” list; or a purchase price that exceeds the veteran’s entitlement. Please note that down payments start at 3% and can be gifted (the gift must be verified). There is no mortgage insurance and the loan comes with all the usual CalVet benefits, such as discounted property insurance, discounted life insurance, etc. The maximum loan amount is $685,312.

10% – 15% Down (for Mobile Home buyers): Designed exclusively for the veteran who wants to purchase a Mobile Home. It’s important to understand that this is not a real estate loan because the home is not permanently affixed to the foundation. This is a consumer loan and these are the requirements:

• The veteran must rent the space on which the home will sit. It has to be in a mobile home park.
• The down payment is 10% – 15%
• The maximum loan amount is $175,000
• New Single-Wides require 15% down and can be financed for 15 years
• New Multi-Wides require 10% down and can be financed for 20 years
• Used Multi-Wides require 15% down and can be financed for 20 years OR the remaining economic life expectancy, whichever is less
• Used Single-Wides CANNOT be financed