If you are an active duty military personnel in California, then you may be interested to know “what is a Cal Vet loan”.
As we know, the Cal Vet loan was specially designed for California residents who are on active military duty for the previous 90 days.
In this article, we will discuss what is Cal Vet loan in a deeper way.
What is a cal vet loan?
A Cal vet loan is a special type of loan offered by the California Department of Veterans Affairs (CalVet) for selected people who are active-duty military personnel in California States.
This program has been designed to provide affordable homeownership for the active-duty military by favorable loan terms. For example, low-interest rates, low credit scores, no down payment requirement, and no private mortgage insurance.
Understand Cal vet loan
California Department of Veterans Affairs (CalVet) offers several types of home loans to help military people to get home ownership quickly and easily. In the loan section, they have included home purchase loans, home improvement loans, and refinancing loan options.
However, the loan program is funded by tax-exempt bonds and it’s providing services for the affordable financing option.
If you want to be eligible for a Cal Vet loan, there are some Cal Vet loan requirements that you must need to follow. But one of the major things is that you have to be a veteran or an active-duty service member who served at least 90 days of active duty in the California states.