The Veterans Home Loan Program was created in California in 1991. The program is funded by the California Department of Veterans Affairs (CalVet) and provides veterans with access to homeownership. As stated previously, this program offers low-interest rates, no down payment, and no private mortgage insurance. In addition, the program provides support for veterans who are unable to obtain a loan from traditional lenders. Besides the benefits of the Veterans Home Loan Program, the program also offers certain protections!
It includes a “Veterans Home Loan Guaranty” which provides veterans with the security of knowing that their loan is guaranteed by the federal government. Lastly, the program also provides access to foreclosure prevention services, which can help veterans who are facing financial difficulties.
To be eligible for the Veterans Home Loan Program, a veteran must meet the following criteria:
- They must be a veteran of the United States military.
- They must be a resident of California.
- They must be able to demonstrate the ability to repay the loan.
- They must be able to provide proof of income.
- They must have a good credit history.
The Veterans Home Loan Program provides California veterans and their families with the opportunity to purchase a home, and here at Cher, we can get the process started for you, especially with co-owning a home!