California Proposition 12 has won voter approval. This is great news for San Diego Homeowners and Veterans. Californian Proposition 12 authorizes the state to sell $900 million in general obligation bonds for the Cal-Vet program.
The Cal-Vet Home Loan Program enables veterans to obtain low-interest rate loans for the purchase of homes, condominiums and mobile homes. More than 420,000 California veterans have become homeowners under the Cal-Vet Home Loan Program.
The Cal-Vet Home Loan Program will also benefit the San Diego economy, in addition to veterans, by generating thousands of housing industry-related jobs with millions of dollars in annual payrolls.
The passing of California Proposition 12 will help the San Diego Real Estate market by maintaining the current eligible pool of potential homebuyers. The existing Cal-Vet Home Loan program was running out of funds to continue the program and the approval of Proposition 12 will provide additional funds to keep the program going so more California Veterans will have access to the low-interest loan program.
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