SACRAMENTO, Calif. - The California Department of Veterans Affairs said it has increased the loan limits in the Cal-Vet mortgage program for the first time since October 1989.
A new law mandates that Cal-Vet loans can be made for up to 90% of a county's median home-purchase price, or $170,000, whichever is higher. The previous limit was $125,000 statewide.
The limit will go as high as $24,100 in Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara Counties.
Orange County is at $220,400, Los Angeles $198,700. About 400,000 military veterans have Cal-Vet low-interest loans.