Final answer:
The false statement regarding CalVet loans is that a veteran may purchase an investment property under the program; CalVet loans are for primary residences only.
Step-by-step explanation:
The false statement regarding CalVet loans among the ones provided is: D) The Veteran may purchase one investment property that he does not live in under the program. CalVet loans are designed to help veterans purchase a home that they intend to live in as their primary residence, not for investment purposes. While it's true that the California Department of Veterans Affairs offers competitive interest rates and the loan is indeed a land contract, the objective of the program is to aid veterans in becoming homeowners of their primary residence.
Furthermore, similar to the GI Bill's home-loan program benefits, there are no distinctions of race or ethnicity for eligibility. However, historical factors such as redlining and restrictive covenants did affect nonwhite veterans from utilizing these benefits to the fullest extent in the past.