The fact is that CalVet has normally had the best terms for financing, but getting through the paperworks has always been an issue. Conventional financing has gotten so tight these days that it is rough with only 5% down payment...I am directing my clients to go with FHA/VA unless they have 10-20% down...with bank ownded properties it is tough to begin with, so I do agree that the open market is a great place to look right now, less headaches and sellers are more prone to accept most financing as long as they know it is a for sure bet. First things first, if you can hang with CalVet until they can issue some form of approval then great, otherwise it will bog you down so best to go with a real estate agent that knows the ins and outs!

I was a mortgage lending professional for a number of years and have been in real estate for over a decade...I fully understand the plight of CalVet!!!

Hello Patti:
I understand your frustration,I worked with several buyers tring to use Cal-Vet financing. Its is especially
trying in the Bank-Owned Market. May I suggest you concentrate more on the so called "Normal Resale "
Market. You May have more luck there.

Hello Patti:
Give Benita Tadena with Coldwell Banker Home Loans a call she has done many CalVet loans and understands the process well, she can be reached at 916-549-8521. Let her know Robert Floodman asked you to give her a call.
My Best, Robert Floodman
916-204-7309

You are not alone. We have been told that Cal-Vet takes longer, We have been trying to buy a home with a Cal-vet loan and because my husband qualifies for 100% financing they do not consider us as strong buyers. We have been advised to put 3% downpayment, a 1% deposit for them to even let us put an offer in. It's like we are being discrimated against.

https://calvethomeloans.cdva.ca.gov/

is the website for Cal Vet Home loan program.

You may apply directly to Cal-Vet or use a Cal-Vet certified loan broker.

Any of these 4 agents (The two Erins, Ute, or Jim) who have quickly responded to your post would be happy to sell you a home with Cal-Vet Financing.

Dear Patti: CalVet loans are going to be very common in the very near future, but as of yet, Sellers are not on board with them. So, you are brazing a trail so to speak. There are strategies to get an offer accepted by the Seller with your CalVet financing. You will need an agent who is willing to go the extra mile for you in implementing those strategies and thereby setting you up for success in your transaction. And, yes, it will be a tough road and will require a great deal of patience for you.

Good luck--I hope this helps.

Hi Patti,

It seems that you are frustrated, and it sounds like you have made offers that have not been well received by property sellers. Perhaps your agent can strategize ways to properly convey to the listing agent and seller the nuances of the Calvet program you are using, and how the specific program works, and why it is a good fit for the transaction and property. The seller may see a VA or CalVet loan as a negative. These loans have restrictions with regard to property condition (for example, underwriters often require pest clearance, among other types of repairs), and there may be certain closing costs that the seller must pay for the buyer. If you find yourself in a situation where there are offers from multiple parties on the table for one property, you may have a difficult road ahead of you if there is a competing buyer with conventional financing (or all cash).

I know that Citrus Heights in certain price ranges is a highly competitive market with relatively little standing listing inventory. As I have told some of my clients over the last few months - you may want to run a race, but be prepared for a marathon. Hang in there!

Erin

Hi Patti. What exactly do you mean by being "tossed to the side." I knwo that CalVet used to be not so popular in the hot real estate market because it involves more paperwork and may take a little bit longer than conventional financing, but these days, sellers typically look at any offers and CalVet financing is not a huge deterrant except for some REO properties that will just not meet CalVet standards.

I am really interested in hearing more details about your personal experience when making offers with CalVet financing.