Welcome to California

You wouldn’t move for anything in the world. You love your home. You love your neighborhood. Everything is perfect - except that the bathroom and kitchen are showing their age, or maybe the roof needs replacement. If you’re a current CalVet Loan Holder, you probably qualify for a CalVet Home Improvement Loan at our current competitive interest rates.

Modernize, or add other improvements to your home with a CalVet Home Improvement Loan, and you’ll take advantage of these great benefits:

  • Current low CalVet interest rates.
  • Continuation of full home insurances.
  • Loan maximum $150,000
  • Up to 90% loan-to-value on "improved" value
  • No appraisal required in most cases
  • No title or escrow fees (except for homes without a current Cal Vet Loan)
  • Loan terms to meet your needs, up to 25 years

An improvement loan may be used on houses, condominiums, farms (for improvements to the main dwelling only), and mobile or manufactured homes located on land owned by the loan holder. Improvement loans may be used for real property improvements, such as:

  • Improve the basic livability of your home or property
  • Increase energy efficiency
  • Perform general maintenance, like painting, re-roofing, and general repairs
  • Add living space
  • Renovate baths, kitchens, electrical systems, etc.
  • Install or update heating or air conditioning systems
  • Install insulation, weather stripping or thermal windows
  • Add a garage, fence, landscaping, flatwork, retaining walls, wells, septic systems, etc.
  • Connect to public utilities with water, sewer, or electrical lines from the property line to the dwelling

Currently, You cannot use a CalVet Home Improvement loan to add improvements for recreational or entertainment purposes such as swimming pools, saunas, hot tubs, pool houses, cabanas, or tennis courts. Nor can you use it to improve farm property for the purpose of increasing agricultural productivity. Improvement loan funds cannot be used to pay title insurance, escrow, appraisals, or any other fees associated with transferring title to Cal Vet (non current Cal Vet contact holders).

Loan Maximums and Terms
The maximum loan amount is $150,000.00. The loan term varies, based upon the loan amount, with a maximum term of 25 years. The minimum loan amount is $1,000.00. Don’t delay! Contact your Cal Vet district office and they will determine the maximum loan amount that you are eligible to receive.

Why Get a CalVet Home Improvement Loan?
Where else can you get a home improvement loan at the current low CalVet interest rates, and with no title insurance or escrow fees required (except non-current Cal Vet contract holders) and the paperwork and costs are so much less than with a conventional lender. CalVet Home Improvement loans offer the same money-saving benefits as that of our regular home loan, and your family’s investment will be safe and sound with the disaster protection plan (flood and earthquake), fire & hazard insurance and applicable life insurance. Even if your current basic CalVet loan pays off, you continue these valuable protection programs with your home improvement loan.

What if I don’t have a CalVet Home Loan at this time?
Veterans who own their homes "free and clear" can now apply for a CalVet Home Improvement Loan. Title will be transferred to CalVet through an escrow in the same manner as if you were getting a new CalVet loan to buy the property. In these cases an appraisal may be required. Contact your local CalVet office to determine if you are eligible for a Cal-Vet Home Improvement Loan.

Other Requirements

  • A good payment record on the basic CalVet loan is a requirement for the approval of a Home Improvement Loan. In addition, overall credit must be satisfactory.
  • The combined total of the CalVet Home Loan balance, the home improvement loan, and the balance on any secondary financing can not exceed 90% of the enhanced market value of the subject property as determined by the Department. If you have junior lien holders (existing secondary loans), the Department requires written approval from the junior lien holder(s) before Home Improvement Loan approval.
  • Fire insurance coverage will be increased in accordance with the improvements made up to the current “replacement cost new” for your home.
  • A non-refundable $25 application fee must accompany the Home Improvement Loan application. There is also a loan origination fee of one and one-half percent (1.5%) of the loan amount, due at loan approval.
  • Improvement loan funds shall not be used to refinance existing debts or finance costs incurred for repair/improvement work in progress or previously completed. You must apply before starting any work.

Click here to download a Home Improvement Loan application package.

For more information, contact any of the CalVet Offices, or call 1-800-952-5626.