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CalVet Home Loans


CalVet Home Loans are great resources for veterans and active-duty personnel who are looking to buy a house in the state of California. These loans—available for veterans of each branch of the United States armed services—offer low interest rates. Many veterans can obtain these loans without a down payment. CalVet Home Loans can be utilized to buy a wide variety of properties. Such loans can also fund home renovation and construction projects.


CalVet Home Loans and VA mortgage loans have several similarities but differ in one major way. Veterans utilizing VA mortgage loans to secure properties gain full, clear titles and ownership immediately. A CalVet Home Loan is obtained with a land contract. The CalVet program buys the requested property, and the veteran pays CalVet. CalVet maintains legal title until the property is paid off, allowing the veteran to gain full ownership eventually.

Benefits of CalVet Mortgages

Eligible veterans can obtain various benefits from utilizing CalVet Home Loans, including:

–             Low interest rates. Many veterans may be qualified for a rate of 3.75%, and first-time purchasers who are eligible for bonds may procure a smaller rate.

–             Minimal down payments. 2% to 3% of the price of the house is often enough. Some veterans may even be able to secure a home without a down payment.

–             An origination fee of 1%–the sole mandatory fee.

–             Loan amounts of up to $566,375 for normal single-family properties, $849,000 for properties in high-price counties, $300,000 for agricultural land, and $175,000 with regard to manufactured homes.

CalVet Home Loans also include insurance benefits for veterans, including hazard insurance coverage and disaster insurance coverage that protects against losses resulting from earthquakes or floods. CalVet can offer home buyers affordable homeowners insurance policies, and the program even allows home purchasers to finance their loan’s funding fee.

CalVet Eligibility Requirements

CalVet Home Loans are solely available for veterans and active-duty armed service members who are currently residing in the state of California. Mortgage loans provided by the VA are available to all qualified veterans throughout the country. Due to its broad guidelines and requirements, most military veterans with honorable discharges can qualify for the CalVet program. Spouses of military veterans and active-duty personnel may also qualify for a CalVet loan. To be eligible for a CalVet Home Loan, a service member must:

–             Have participated in at least 90 days of active-duty service (in war or peacetime).

–             Have obtained an honorable discharge.

–             Have a credit score that is suitable to the lender.

–             Have a ratio of income to debt that is acceptable to the lender.