LANCASTER – The Lancaster Housing Authority (LHA) today announced a partnership with the California Department of Veterans Affairs (CalVet) to offer affordable housing and home loans to veterans.
Under the partnership, LHA will build the new homes, while CalVet will provide home loans to qualifying veterans.
“CalVet is very excited about this collaboration, wherein the Lancaster Housing Authority will be building homes focused toward our veterans, and we will in turn provide loans up to the appraised value of the homes,” said Theresa Gunn, Deputy Secretary, CalVet Farm and Home Loan Division. “Through this collaboration we will be able to assist veterans in obtaining the American dream of home ownership.”
Over the past several years, the LHA has been transforming foreclosed properties that could have once blighted a neighborhood into attractive, affordable homes ready for new owners who want to help contribute to making their new neighborhood a great place to live.
Now, as part of this new partnership, the LHA will construct brand new homes in Lancaster’s more mature neighborhoods on up to a dozen vacant lots, which are already owned by the LHA. These new homes will be made available for purchase through the LHA, and will be marketed to veterans.
The program is expected to begin during fiscal year 2014/2015.
The CalVet Home Loan program is designed to help veterans save money, simplify the lending process, and help them protect their investment. CalVet offers home loans to veterans at below market interest rates with low or no down payment. In addition, CalVet Home Loans has expanded eligibility. According to CalVet, nearly any veteran wanting to buy a home in California is eligible.
To participate in this new program, veterans must first qualify for the CalVet loan. The amount of the CalVet loan provided may not exceed the appraised value of the home.
Veterans who are interested in obtaining a CalVet home loan should visit CalVet online at www.calvet.ca.gov or call 866-653-2510.