Cal Vet Loan Requirements: What is the Interest Rate on Calvet Loans?

It is essential to follow Cal Vet loan requirements as they provide a safe and secure way to access home loan financing.

If you pursuing a safe loan process, then the Cal Vet loan would be the best option for you because the Cal Vet loan programs are backed by the California Department of Veterans Affairs which means they are designed to meet the needs of Veterans and their families.

The cal vet home loan requirements are designed to ensure that borrowers have the essential qualifications to get mortgage loans.

However, the Cal Vet loan offers the lowest interest rate which is more convenient for borrowers than other loan programs.

4 Cal Vet loan requirements

After reviewing all the required data, we have found 4 requirements for a Cal Vet loan that you just need to follow before getting a loan.

1. Eligible Veteran of Active Duty service Member

You must need to be an honorable service holder or active duty member who served continuous duty for 90 days.

2. California Resident

Cal Vet program is only designed for California residents. So, to be eligible for a Cal Vet mortgage loan, you must have to be a California resident.

3. Credit and Income requirement

There are minimum requirements for credit score and income. The Calvet home loan credit requirements are at least 680 and a debt-to-income ratio is not more than 41%.

4. Property Requirements

Property requirements are also an essential factor to get a home loan. The property must be a single family who resides in the California area.  

Calvet loans are not available for

Calvet loans are not available for some possible cause such as:

  1. Loans for investment property
  2. Non-California Residents
  3. Bad credit or financial history
  4. Limitation on loan amount
  5. Non-CalVet Loan Refinancing
  6. dishonorable discharge

What is the interest rate on Calvet loans?

Calvet home loans depend on several important factors such as what types of loan it is and what are the amounts.

However, the Calvet mortgage loan offers the lowest interest rate.

According to the report of 2022, the Cal vet interest rate was:

  1. Cal Vet Farm and Home purchase loans: 2.00% for a 30-year fixed-rate loan
  2. Cal vet Mobilehome purchase Loans: 4.00% for a 30-year fixed-rate loan
  3. Cal vet Home Improvement Loans: 2.50% for a 20-year fixed-rate loan

Cal vet interest rate changes from time to time. So, it would be a wise decision to check the recent rate from their official website.

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