This Veterans Program Pays for Itself. It Still Needs Saving.

By Julian Cañete, Chair of VetFund Foundation, and David Kuta, State Commander of VFW California

For more than 100 years, California has made a promise to those who served our nation: if you come home and build your life here, this state will help you build a future.

That promise lives through the CalVet Home Loan Program, one of the most unique and successful veterans homeownership programs in the country.

Now, that program is at risk.

Unless the Legislature acts now to place a new Veterans Bond Act before voters on the November ballot, CalVet Home Loans could begin running out of lending authority as early as next year, with projections showing the program fully exhausting its funds by the end of October 2027.

For more than a century, this program has operated without using taxpayer dollars. Veterans repay the bonds through their mortgage payments, and California voters have approved every Veterans Bond Act since 1921. That success, however, depends on continued bond authority.

This is not just about fewer loans. It means California veterans losing access to a century-old program built around their needs, and less support for the families who rely on it.

CalVet offers something most lenders no longer do.

They provide a personalized, high-touch approach to helping veterans achieve homeownership. While much of the private mortgage industry has shifted toward impersonal, algorithm-driven lending models, CalVet still manually underwrites every loan and works directly with veterans and families through every step of the process.

For many veterans, particularly older veterans, first-time buyers, or those facing financial challenges, that personalized support can make the difference between securing a home or being shut out entirely.

And the need has never been greater.

California remains one of the most difficult housing markets in the nation. At the same time, homeowners across the state are facing an unprecedented insurance crisis. Yet CalVet continues to provide not only financing and servicing, but also competitive fire and casualty insurance coverage for veterans’ homes, an extraordinary benefit in today’s market.

The CalVet Home Loan Program has helped nearly 500,000 veterans and their families achieve the dream of homeownership. Today, the program services approximately 4,800 active loans totaling nearly $1.2 billion. Loan demand continues to grow, with CalVet funding more than $245 million in loan volume in Fiscal Year 2024-25 alone — a 22.5% increase over the prior year.

This should not be a partisan issue.

Supporting veterans, expanding homeownership opportunities, and preserving a proven California success story should unite all of us.

But voters cannot approve a bond measure if lawmakers never place one on the ballot.

Lawmakers must act this year to place a Veterans Bond Act before voters and ensure this program continues without disruption.

The Legislature and Administration know the timeline. They know the remaining bond authority is shrinking. They know the consequences of inaction. The question is whether California will move forward before this program is forced to scale back services for the very veterans it was created to serve.

California has led the nation in supporting veterans for generations. We should not allow one of the state’s most successful veterans programs to quietly fade away.

The men and women who served this country kept their commitment to California. It is time for California to keep its commitment to them.

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Julian Cañete is Chair of the VetFund Foundation. David Kuta is State Commander of VFW California. VetFund Foundation and VFW California support programs and policies that expand opportunity and stability for California’s veterans and military families.