I’m Michael DiVita — DRE #01372066 | NMLS #241655, DiVita Home Finance (DRE #01818285 | NMLS #323700), Tiburon, CA. I’ve been in California mortgage lending since 2000 and founded DiVita Home Finance in 2007. I work with California veterans on CalVet, VA, and conventional loans regularly — for many veterans in wildfire-prone areas, CalVet’s built-in insurance is a significant advantage right now. Call (800) 239-1103.
California veterans have access to one of the best mortgage programs in the country — the CalVet Home Loan. Run by the California Department of Veterans Affairs (CalVet), this program offers below-market interest rates, no private mortgage insurance, and built-in property insurance. Here’s everything you need to know for 2026.
What Is the CalVet Home Loan?
The CalVet Home Loan is a state-run mortgage program exclusively for California veterans. Unlike conventional or VA loans funded by private lenders, CalVet uses state bond financing to offer competitive rates — often below what’s available on the open market.
CalVet purchases the home on behalf of the veteran, then sells it to the veteran under a land contract (contract of sale). The veteran makes monthly payments and gains full equity, but CalVet holds legal title until the loan is paid off. This structure allows CalVet to maintain competitive pricing and include insurance at low group rates.
CalVet Home Loan Eligibility Requirements
- California veteran — served on active duty and received an honorable discharge (or currently serving)
- California resident — must be a California resident at the time of application
- Owner-occupancy — the home must be your primary residence
- Property type — single-family homes, condos, and certain manufactured homes qualify; investment properties do not
- Creditworthiness — minimum credit score requirements apply (typically 640+)
CalVet Home Loan Rates 2026
CalVet rates are set by the California Department of Veterans Affairs based on bond financing costs. Rates are typically 0.25%–0.50% below market for a comparable conventional loan. Rates are fixed for the life of the loan. Current CalVet rates are published at calvet.ca.gov. Contact DiVita Home Finance for a real-time rate comparison between CalVet and VA options.
CalVet vs. VA Home Loan: Key Differences
| Feature | CalVet Home Loan | VA Home Loan |
|---|---|---|
| Who offers it | California Dept. of Veterans Affairs | Private lenders (VA-guaranteed) |
| Available in | California only | Nationwide |
| Down payment | 0% (100% financing) | 0% (100% financing) |
| PMI required | No | No |
| Funding fee | None | 1.25%–3.3% of loan amount |
| Property insurance | Included (farm/fire/flood) | Not included |
| Title ownership | CalVet holds title (land contract) | Borrower holds title immediately |
| Loan limits | Up to $1 million (varies) | No conforming limit with full entitlement |
Key Benefits of the CalVet Home Loan
No Funding Fee
The VA loan charges a funding fee of 1.25%–3.3% of the loan amount (waived for disabled veterans). CalVet charges no funding fee, which can save $3,750–$9,900 on a $300,000 loan.
Built-In Insurance
CalVet includes fire, hazard, and in some cases flood insurance through a group policy at below-market rates. In today’s California insurance crisis, this is a major advantage — many homeowners are struggling to find affordable coverage in fire-prone areas.
Disaster Insurance Advantage
Because CalVet holds legal title and requires insurance protection of its asset, it maintains group insurance policies that remain available even in high-risk wildfire zones where private insurers have pulled out of California.
CalVet Loan Limits for 2026
CalVet loan limits vary by county and property type. In most California counties, the standard limit is up to $1 million. Veterans purchasing in high-cost Bay Area counties should confirm the current limit at application time.
How to Apply for a CalVet Home Loan
- Verify eligibility — confirm your discharge type and California residency
- Get your DD-214 — you’ll need your Certificate of Release or Discharge from Active Duty
- Apply through CalVet — applications are submitted directly to the California Department of Veterans Affairs at calvet.ca.gov
- Work with a CalVet-familiar broker — a mortgage broker familiar with CalVet can help you compare CalVet rates vs. VA and conventional options
- Complete underwriting — CalVet underwrites the loan internally; timelines are typically similar to a standard purchase
Talk to Michael Directly
DiVita Home Finance | Tiburon, CA | In lending since 2000, founded DiVita Home Finance in 2007. Michael DiVita DRE #01372066 | NMLS #241655. Company DRE #01818285 | NMLS #323700.
💬 Text: (310) 849-9124
