CalVet 97 Refinance
Best For: Limited Equity, Large Loan Amounts
The CalVet 97 Refinance has expanded qualification for veterans or properties that don't meet standard criteria.
This loan program is not available in USA
Program Description
The CalVet 97 Home Loan for Refinancing is a unique program that offers alternative financing options for veterans or properties that do not meet the CalVet VA loan criteria. In cases where a loan surpasses your available VA entitlement, only 3% in equity is required.
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CalVet 97 Refinance
Min. Credit Score
620
Min. Equity
3%
Max Loan Amount
$2,000,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Expanded eligibility for veterans (including those now on active duty)
- Refinance with as little as 3% equity in the property
- Affordable fire and hazard insurance group discounts may be available
- Affordable disaster protection for earthquakes/floods can be included
- Low costs with a low 1% origination fee
- Limited available bond funds
- Cannot use both the Federal VA Home Loan and the CalVet Home Loan at the same time
- Requires the VA Funding Fee
- No multi-family properties allowed
Program Availability
CalVet 97 Refinances are available in 1 state.
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“A CalVet 97 Refinance can come in handy if you've surpassed your entitlement but still want to take advantage of your VA benefits."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
41.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- 97% financing for lending profiles and properties beyond USDVA criteria
- Expanded eligibility and higher loan limits than standard VA loans
- Special insurance discounts and promotions bundled
Additional Conditions
- Almost every veteran refinancing a home in California is eligible for a CalVet Home Loan, encompassing those who served even during times of peace
- Veterans might be eligible for CalVet and USDVA loans beyond standard limits without extra "jumbo" fees
- The CalVet Home Loan benefit is not limited to a single use. If you have had a CalVet loan in the past and repaid it according to the terms, you can apply for it again
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
CalVet collects the VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
CalVet VA Refinance
Best For: Limited Equity, Large Loan Amounts, Rate Reduction
The CalVet VA Refinance has competitive interest rates, more flexibility, expanded qualification, and little or no equity requirement.
CalVet 97 Purchase Loan
Best For: Large Loan Amounts, Low Down Payments
The CalVet 97 Home Loan has expanded qualification for veterans or properties that don't meet standard criteria.
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* ReviewMyMortgage.com is not affiliated with the California Department of Veterans Affairs.
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