The new rates will not affect any existing loan or any loan applications on file as of June 30, 2000. The rate changes were recently approved by the California Veterans Board and the Veterans Finance Committee, comprised of the governor, state treasurer, state controller, director of the Department of Finance and secretary of veterans affairs. To qualify for revenue bonds, a veteran must either be a first-time home buyer or purchase a home in a targeted area. There are purchase price and income limits for revenue bond loans. Unrestricted funds may be used for wartime veterans who qualify under state law, but do not qualify under federal law for the use of either revenue or general obligation bonds.
Unrestricted funds are subject to availability.