Attention Veterans - Loan Programs for Veterans - Cal-Vet - Update 2025

If you're a veteran looking to buy a home in California, you might be familiar with VA loans. However, there's another fantastic option you should consider: the CalVet Home Loan program. Offered by the California Department of Veterans Affairs, CalVet has been helping veterans and their families become homeowners for over a century.

Why Choose a CalVet Loan?

Flexible Credit Requirements: Unlike many traditional lenders, CalVet doesn't impose a minimum credit score. This flexibility can be a game-changer if you've faced credit challenges in the past.

Stable Interest Rates: CalVet loans offer interest rates that aren't subject to daily market fluctuations. Instead, they're based on bonds, providing more stability and predictability for your financial planning.

High Loan Limits: In certain counties, CalVet allows loan amounts up to 125% of the conforming limit. For example, in Riverside County, this means you could secure a loan for just over a million dollars.

Down Payment Assistance: CalVet offers a 3% assistance program to help cover your closing costs, making homeownership more attainable.

How MortgageWorks Can Help

At MortgageWorks, Inc., we're dedicated to assisting veterans in navigating the home loan process. Our team is well-versed in both CalVet and VA loan programs, ensuring you receive personalized guidance tailored to your unique situation. Whether you're a first-time homebuyer or looking to refinance, we're here to make the journey smooth and stress-free.

Ready to Take the Next Step?

Don't let the complexities of home loans deter you. Contact MortgageWorks today to explore your options and find the best loan program for your needs. Visit our website at www.mwloan.com or call us at 760-969-5023 to get started.

Frequently Asked Questions

Q: What is a CalVet Home Loan?

A: It's a loan program offered by the California Department of Veterans Affairs to help veterans purchase homes in California. It provides benefits like flexible credit requirements and stable interest rates.

Q: Who is eligible for a CalVet loan?

A: Any veteran purchasing an owner-occupied home in California may apply. Eligibility includes serving on active duty for at least 90 days and having an honorable discharge.

Q: Can I get a CalVet loan with a low credit score?

A: Yes, CalVet doesn't have a minimum credit score requirement, making it accessible to veterans with varied credit histories.

Q: How do CalVet interest rates compare to market rates?

A: CalVet interest rates are based on bonds, offering more stability and often more favorable terms compared to market-driven rates.

Q: Can I use a CalVet loan if I already have a VA loan?

A: Yes, you can use your remaining partial entitlement to obtain a CalVet loan, even if you have an existing VA loan.

At MortgageWorks, we're committed to helping you understand and navigate your home loan options. Reach out to us today to learn more about how we can assist you in achieving your homeownership dreams.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.