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An increasing number of veterans and service members are using their VA home loan benefit from the Department of Veterans Affairs. The VA's home loan program has continued to be a popular choice in the current housing market. The VA’s home loan volume has increased more than 30% from last year. Officials say it is due to the elimination of many no-down payment loan programs in the conventional mortgage industry along with good loan terms.

Loans which feature no down payment are becoming very difficult to get with conventional financing. One observer recalls driving a popular Los Angeles freeway and seeing a sign for 10percentdown dot com” which many believe replaced their ZeroDownLoans” dot com sign. Just recently this year, legislation passed a law for the VA to use a local approach in finding maximum loan amounts on its zero-down payment home loans. VA zero-down payment loans are available up to $729,000. Moreover, even higher VA loan amounts can be secured with small down payments.

VA home loan lenders have an easy to use streamlined process for their loan program and approval system. The lenders access the program's web portal to use VA's online Automated Certificate of Eligibility (ACE) system to receive the veteran's certificate of eligibility to process and approve loan applications. VA Lenders order the appraisals on the web, review and determine the property's appraised value, submit the information VA requires to approve a loan guaranty electronically, and then obtain the actual loan guaranty electronically within 24 hours. The VA's loan servicing system named VALERI (VA Loan Electronic Reporting Interface) is equal to or above industry standards and permits instant access to claim and acquisition update to make it simpler for loan servicers to communicate with the VA. In addition, it allows servicers to assist veterans who are currently having financial problems and to not go into foreclosure.

VA home loans are provided to eligible veterans, service members, and surviving spouses from private mortgage lenders and brokers in the United States. Statistics show that over 90 percent of VA home loans made last year were done with zero down payment.