California Voters Approve Proposition 1 and Proposition 37: What It Means for Veterans and Homebuyers
California voters approved both housing measures on the November 3, 2026 ballot. Proposition 1, the $11.25 billion Veterans and Affordable Housing Bond that includes $1.25 billion for the CalVet Home Loan Program, passed with roughly 60% of the vote, and Proposition 37, the $25 billion state-backed homebuyer loan program, passed with about 61%. Here is what the results mean for veterans, first-time buyers, and families across Santa Clarita and Southern California, and what realistically happens next.
Results update (November 5, 2026): With most ballots counted, Proposition 1 led with about 59.6% Yes and Proposition 37 with about 61.2% Yes, according to near-final tallies from the Associated Press and major news outlets. The races were called on election night, and official certified results can differ slightly from preliminary tallies. I wrote plain-English previews of both measures before Election Day, and this post covers the outcome.
Proposition 1 Passes: $1.25 Billion for CalVet Home Loans
Proposition 1 authorizes $11.25 billion in general obligation bonds for veterans and affordable housing statewide. The pieces that matter most to homebuyers: $1.25 billion for the CalVet Home Loan Program, which helps veterans, service members, and their families finance homes, and $1.1 billion for homeownership and down-payment assistance. The rest of the bond is directed to affordable rental housing and related programs.
For veterans, this is a genuine expansion of a program that has financed California homes for generations. It is also the reminder I keep coming back to: VA home loans with zero down payment, no PMI, and competitive rates are available right now, without waiting on any bond sale or rulemaking. My Proposition 1 explainer breaks down how the bond is repaid and who it targets.
Proposition 37 Passes: A $25 Billion Homebuyer Loan Program
Proposition 37 creates a $25 billion state-backed homebuyer loan program. Under the measure, the California Housing Finance Agency can offer eligible buyers fixed-rate mortgages covering up to 17% of the purchase price of a newly constructed home priced below roughly $1 million to $1.5 million, with a minimum 3% cash down payment. Buyers must be California residents with household income up to 200% of the area median income.
Supporters framed the measure as a way to help middle-income Californians build equity; opponents pointed to the scale of the borrowing and administration questions. The bonds are repaid through homeowners' loan payments rather than state tax revenue, subject to how the program is ultimately designed. My Proposition 37 explainer covers the details, including how it compares with VA loans and with Proposition 1 on the same ballot.
What Happens Next: Implementation Takes Time
A ballot measure passing is the beginning, not the finish line. The next phase is administrative: bond sales, program design, rulemaking, and implementation, which typically takes many months or longer before any new loan or grant reaches a closing table. For Proposition 1, that means CalVet and the agencies involved will work out how the borrowed funds are deployed. For Proposition 37, CalHFA will need to build the program from the voter-approved framework before a single application opens.
The practical message for buyers and sellers has not changed: plan today's decisions around today's real numbers. Mortgage rates eased to a 30-year fixed average of 7.18% in Freddie Mac's survey for the week ending November 5, Santa Clarita prices are holding with more homes on the market than a few years ago, and veterans already have a powerful path to ownership with VA loans available now.
What This Means for Veterans and Families in Santa Clarita
Both measures passing is welcome news for anyone who has been priced out of the conversation about homeownership. For veterans, the CalVet expansion is a direct investment in veteran homeownership. For middle-income families eyeing new construction, Proposition 37 could eventually broaden access, though the timeline is months to years out.
In the meantime, the strongest tools are already on the table. VA loans for veterans and service members, first-time buyer programs, down-payment assistance, and Sam's Heroes benefits for veterans, first responders, teachers, nurses, and special-needs families. None of those require waiting for Sacramento to finish paperwork. If you have wondered whether you can afford a home, the honest answer starts with a conversation about your numbers, not a headline.
Frequently Asked Questions
Did Proposition 1 and Proposition 37 both pass in 2026?
Yes. With near-final tallies, Proposition 1 passed with about 59.6% Yes (the Associated Press called it at 10:58 p.m. on November 3) and Proposition 37 passed with about 61.2% Yes (called at 9:06 p.m.). Official certified results may differ slightly.
When will Proposition 37 loans become available?
Not immediately. The measure authorizes the California Housing Finance Agency to build the program, and implementation typically takes many months or longer: bond sales, rulemaking, and program design all come before any loan closes.
What should a veteran do right now to buy a home?
Talk to a lender about a VA loan, which offers zero down payment, no PMI, and competitive rates today, and connect with a REALTOR who understands the process. Sam Silver is a U.S. Army veteran REALTOR at Equity Union Real Estate, CalDRE #01412755, and the veterans resource page walks through the steps.
“Whatever Sacramento builds next, the goal stays the same: help people make confident real estate decisions. Educated decisions create better results, and that starts with a conversation. How can I serve you?”
Sources: Associated Press calls and near-final tallies for California Proposition 1 and Proposition 37, November 3, 2026, as reported by The New York Times, KQED, the Orange County Register, and NBC Los Angeles; California Secretary of State voter guide and sos.ca.gov results pages. Near-final margins cited as reported (~59.6% Yes for Proposition 1, ~61.2% Yes for Proposition 37 at roughly 61% reporting); official certified results may differ slightly. Mortgage rate figure from Freddie Mac Primary Mortgage Survey, week ending November 5, 2026. Figures verified as of November 5, 2026.
Not Sure What This Means for You?
Every family's situation is different. Get a free, no-pressure conversation about your goals, your numbers, and the programs that could actually apply to you, including veterans and first-time buyer options.
Sam Silver
U.S. Army Veteran · AI-Certified REALTOR · 22+ Years Experience
Equity Union Real Estate · CalDRE #01412755
Serving: Santa Clarita, Valencia, Saugus, Canyon Country, Newhall, Stevenson Ranch, Castaic, and surrounding Los Angeles County communities.