Up to 23.8 million American veterans can get home loan assistance through the help of the Department of Veterans Affairs (VA).

Honorably discharged veterans can seek VA’s mortgage guarantee program when applying for a home loan – take note, however, that the VA is not a lending agency, it only guarantees loans for veterans. The VA loan helps veterans get up to 100 percent financing and a 30-year fixed rate of 6.5 percent, and it doesn’t come with private mortgage insurance – extra insurance that lenders oblige homebuyers.

The guarantee program allows buyers to avail of affordable mortgages. It shoulders the 25 percent down payment if you’re a veteran, survivor, on active-duty, or a living spouse who qualify for the program. It would appear as if you purchased a home without even shelling out a penny for the down payment! How’s that for a great deal?

There are a few mortgage companies registered to participate in this program. If you want to seek help in getting the VA loan, just head out to any participating company and obtain a certificate of eligibility as proof to the lender that you’re entitled to the assistance. You get it from VA by completing a VA Form 26-1880 or from your lender through ACE (automated certificate of eligibility), a system that checks your qualification and issues the certificate online in a matter of minutes.

What’s great is that this is not a one-time offer only. In fact, you can reuse your VA loan depending on some circumstances defined by VA. There are Certificate of Eligibility Centers who track people who have used their eligibility in full. Since the program has been available since the ‘40s, there are some who may have already used part of their eligibility, but it doesn’t mean that these people could no longer enjoy this guarantee program. Depending on the situation, VA can still award these guarantees to qualified veterans.

Remember though, that there are some fees (2.4 percent) you’ll need to pay that will be rolled on to the mortgage itself. According to Secretary Peake, nearly $24 billion were extended to an estimated 135,000 veterans, survivors, active-duty personnel, and spouses last year.

If you are one of the 21.7 million US veterans who still haven’t availed of this amazing program, you can contact any Eligibility Center or get more information at www.homeloans.va.gov.

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