Established in 1921, following the return of soldiers from World War I, the CalVet Home Loan program was created to ensure U.S. servicemembers were given an opportunity to find affordable housing in California.
What started as a gesture of gratitude is now a competitive, excellent veteran home loan program that is still going strong 97 years later.
“As a lender, we too experienced the slowdown the nation felt when the housing market crashed. However, we’ve rebounded fast and have seen an uptick in home loan processing, especially in the last two years, and we’re excited to see where we go in the near future,” said Theresa Gunn, Deputy Secretary for the Home Loan Program. “Our program is very flexible and that ensures that nearly any veteran wanting to buy a home in California may be eligible.”
As a full-service lender, CalVet has assisted more than 424,000 veterans purchase homes and farms since 1921. But what’s more impressive is the program has not spent a single tax dollar in the process.
Through the use of general obligation bonds, which homeowners pay back over the life of their loan, CalVet can provide funding for veterans and their families throughout California.
“Since its inception, state voters have authorized bonds to support the program 26 times, resulting in 8.4 billion dollars of home loan funding,” Gunn said.
Whether veterans are looking to purchase single-family residences, condominiums, planned unit developments, farms, or mobile homes, CalVet’s flexible program can house families in numerous situations. That includes mobile homes permanently affixed to land or in rental parks. CalVet also offers construction loans for veterans who already own, or are purchasing land to build on. The maximum home loan amount available varies by county. Call 1-866-653-2510 for details about your county.
In today’s tough home-buying market, CalVet offers competitive-interest-rate loans, with little or no down payment, to put the dream of home ownership within reach for many veterans who would not qualify for a loan anywhere else. Yet unlike normal banks and lenders, CalVet services the loans for the entire life of the loan.
In addition to veteran-friendly financing, the CalVet Home Loan program provides fire, hazard, disaster, and earthquake insurance on all properties, except mobile homes, with low deductibles and guaranteed replacement.
CalVet also goes the extra mile to serve veterans during times of stress by monitoring natural disasters, such as wildfires, earthquakes, floods and landslides.
“We attempt to contact all of our loan customers within a certain radius of these disasters to check on the veteran and their family and to inform them of their insurance coverage,” Gunn added. “We understand that mandatory evacuations are stressful and the resources to manage these may be restricted, but by utilizing options within the CalVet insurance coverage, such as alternative living expense funds, we hope to make that process a little easier.”
This is just one more way CalVet assists veterans and their families throughout California.
For more information about Home Loan financing and veteran benefits, call 1-866-653-2510 or visit us online here.