A California veteran who previously used the Cal-VET program paid off the land contract in full. The veteran now wants to purchase a second home. Can the veteran use Cal-VET again?
Correct Answer
C) Yes, the veteran may reuse Cal-VET benefits after paying off the previous contract and receiving title
Unlike some other veteran benefit programs, a California veteran who has paid off a Cal-VET loan and received title may be eligible to use the program again for a subsequent purchase, subject to current program requirements and available funding.
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Related Topics & Key Terms
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Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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