Who’s Eligible for the CalVet Home Improvement Loan?
Those who currently have a CalVet Loan as well as veterans who don’t have a current loan with CalVet.

What Property Types Are Eligible?
• Primary homes, including the main dwelling on Farm properties.
• Mobile Homes located on land owned by the veteran, and for Mobile Homes in a rental park.
• For Mobile Homes in a park, improvements are limited to health and safety items only.

What Type Of Improvements Can I Make?
• Generally, improvements must enhance the basic livability or energy efficiency of your home.
• Painting
• Re-roofing
• General repairs
• Room additions
• Bath renovations
• Kitchen upgrades
• Plumbing upgrades
• Well maintenance and pump repair/replacement
• AC & Heating
• Solar installation
• Insulation, weather stripping, thermal windows
• Earthquake retrofitting
• Pest control work
• Sprinklers and landscaping
• Retaining walls & fences
• Many other acceptable repairs

What Type Of Improvements Can I NOT Make?

• Items related to recreation or entertainment, such as swimming pools, saunas, hot tubs, pool houses and tennis courts.
• Improvements to farm property for the purpose of increasing agricultural production.
• Purchase of personal property like appliances and curtains or drapes.

How Much Are The Loan Fees?
There is a non-refundable $25 Home Improvement Application fee, and an origination fee equaling 1.5% of the loan amount.

Is there a Prepayment Penalty? **NO**

What’s The Max I Can Borrow Including My Existing Loan And The CalVet Home Improvement Loan?
You can borrow up to 90% of the enhanced market value (that’s the value after repairs). This includes your existing loan, the CalVet loan, and any other liens or encumbrances attached to your home.

How Long Will I Have To pay this off?
You’ll have a maximum of 25 years (300 months), depending on how much you borrow

How Much Can I Borrow?
Anywhere from $5,000 to $150,000

What Happens If I Payoff My 1st Trust Deed Before The Rehabilitation Loan?
CalVet will add your monthly impound payments to the rehab loan so you won’t have to pay taxes and insurance separately, everything will still be included in your payment.

When Should I Apply For The CalVet Rehab Loan?
Apply BEFORE work begins. Your loan application must be approved prior to the start of any work. The loan proceeds cannot be used to pay for any work started before loan approval

Does CalVet Build In Any Protections For the Homeowner?
Yes, there are inspection requirements. All work carried out under the Home Improvement Loan program must conform to the appropriate local building codes. Work requiring a construction permit must be inspected by the local building department. A final sign-off by local building authorities will be required at project completion, as applicable.

Also, there are restrictions on payments to contractors and vendors. CalVet only pays for materials provided by licensed contractors or vendors, as work progresses or is completed. There are also restrictions for labor reimbursement. Additional terms apply.

Do I Need To Get Bids?
Yes, there is one bid required, but multiple bids are recommended. If the total cost of all improvements exceeds the maximum home improvement loan, the difference must be paid by the homeowner before CalVet will release any payments.

How Long Will I Have To Complete The Work?
All improvements are expected to be completed within 180 days of approval.