Homebuying resources for veterans in California

Homebuying resources for veterans in California

Memorial Day may have come and gone, but at Open Listings, we are committed to helping veterans and their families year-round.

Fortunately, California is also has the same mission at heart. Our home state is a cut above in the number of programs available to help returning and active-duty service members find stable housing and employment.

As a thank you for your service, we’ve compiled a list of those resources below. Read them over to see which ones might be the best fit for your unique situation. With the help of these organizations, you’ll be settled at home before you know it.

Housing resources

VA Loans

Thanks to the GI Bill, every veteran is eligible for a loan that’s backed by Veteran Affairs (VA). Since the VA is willing to assume part of the risk in the event that the loan goes unpaid, lenders are willing to offer more favorable terms in return. Many VA-eligible loan programs come with lower than normal interest rates, a waived PMI requirement, and little-to-no down payment.

CalVet Home Loans

Rather than going through a traditional bank or mortgage company, returning veterans should look to CalVet home loans for their financing needs. This state-run agency uses voter-approved bonds to ensure that nearly every veteran is found eligible for a home loan as a thank you for their service.

Since CalVet is a self-funded state organization, it is able to offer fixed-rate mortgages at much lower rates than the current market, 1% origination fees, and low-deductible insurance policies.

CalHero Home Loans

CalHero Home Loans are unique because this program is not limited to first-time buyers. It can be used toward purchasing or refinancing and has no income limits. Qualified individuals can enjoy low interest rates, as well as a number of waived fees. This program can also be combined with the CalHERO Advantage grant for down payment assistance.

CalVet Residential Enriched Neighborhood

This program is aimed at providing low-income veterans with accessible permanent house. Qualified applicants must be able to apply for a CalVet Home Loan and participate in a “sweat equity” program, where they participate in the building of the home.

State and Local Grants

Dream Makers Grant

The Dream Makers Grant Program can offer up to $5,000 in down payment and/or closing cost assistance to qualified veterans and service members. It’s available to first-time homebuyers and those who have not owned in the past three years. This grant is a 2-1 matching program, meaning that the providers will double any amount that you’re able to put towards your down payment, up to the $5,000 limit.

CalHERO Advantage

Available to veterans and active-duty service members, as well as local police, firefighters, and nurses, and teachers this grant program offers up to 2% assistance that can be applied to your down payment.

Looking to make your next home purchase more affordable? Use Open Listings to house hunt 24/7, book tours on demand, and get back an average of $8,500+ when you buy with us.