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QUALIFIED BOND ISSUES – Calvet Loans
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Guidelines: Qualified Bond Issues

CALVET Home Buyer Program subject to  certain federal tax and treasury regulations and restrictions.

Eligibility and Bond Type Information:

Qualified Veterans Mortgage Bond Program (QVMB):

  • Wartime Service Required (one of the following):
  • During a qualifying war period.
  • Received an armed forces expeditionary medal or campaign medal awarded by the federal government for the period served.
  • Application must be within 25 years of release from active duty.
  • May be used to purchase homes, condominiums, and manufactured homes not in a park.
  • No purchase price restrictions (loan amounts are subject to county limits) or income limitations on the veteran borrower.

Qualified Mortgage Bond Program (QMB):

  • All veterans and current members of the California National Guard or U.S. Military Reserves.
  • Subject to income and purchase price limits and federal recapture taxes.
  • California National Guard and U.S. Armed Forces Reserves must meet first-time home buyer guidelines.
  • Not available for mobile homes in parks.

Other Funds:

  • All veterans.
  • Limited funds are available for veterans who do not qualify for Qualified Veterans Mortgage Bond Program or Qualified Mortgage Bond Program programs.