CalVet has always been a good provider of financing for manufactured homes in parks. Their rates, terms, and qualifying criteria have been very favorable for years.
Frequently, I have referred veterans to CalVet. Whenever a veteran asks about finacing for veterans, that's what I do. Give them CalVet's phone number.
In the past, their minimum age of a manufactured home has been 20 years, and still is. And their minimum down payment used to be only 3%, and their "floor rate" used to be 6.25%. Fantastic rates and terms that were very competitive, and virtually no bank in CA could ever beat their terms.
Until recently.
Two weeks ago, I placed a call to CalVet, not for the purpose of snooping, to to make sure that I was giving out the right phone number to our veterans.
The person at CalVet that I spoke to told me, without my asking, their NEW minimum terms, which have changed dramatically.
They are still financing purchases of manufactured homes in parks, under 20 years old.
However, they now require a MINIMUM DOWN PAYMENT OF 15%....AND THEIR NEW "FLOOR RATE" IS 7.75%.
This is a big change from their previous guidlines that they've had for so many years.
In the future, whenever a loan applicant who has worn the uniform of our country asks for CalVet or "veterans financing", I will continue to refer them to CalVet. By the way, CalVet's phone number is: 800-952-5626.
Call any time for advice with manufactured home transactions.
800-401-3372
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