State Raises Limits on Cal-Vet Loans: First Increase Since ’89

The limit on Cal-Vet loans has been increased from $125,000 to 90% of each county’s median home purchase price, or $170,000, whichever is higher, Benjamin T. Hacker, director of the state Department of Veterans Affairs announced last week.

The loan limit increase, authorized in a bill by Assemblyman Charles W. Quackenbush (R-Cupertino), is the first increase for Cal-Vet since October, 1989.

“The timing of the enactment is quite fitting,” Hacker said. “This year marks the 70th anniversary of the Cal-Vet Loan Program, which has provided low-cost, low-interest loans to almost 400,000 California veterans.”

Cal-Vet offices are located in 11 cities across the state and can provide additional information. Loan applications and general information may also be obtained by calling toll-free, 800/952-LOAN.

The new loan amounts will be adjusted each year by the Veterans Finance Committee.

Loan Amounts by County

The following is a preliminary list of loan amounts the Department of Veterans Affairs will recommend to the committee for single family homes, including condominiums, townhouses and mobile homes on land owned by the veteran

County Maximum Loan Alameda $242,100 Contra Costa 242,100 Los Angeles 198,700 Marin 242,100 Monterey 221,700 Orange 220,400 San Benito 221,700 San Diego 172,800 San Francisco 242,100 San Luis Obispo 203,500 San Mateo 242,100 Santa Barbara 203,500 Santa Clara 242,100 Santa Cruz 221,700 Ventura 210,800 All others 170,000