Qualified veterans, service members and spouses can finance up to 100% of their loan and pay less at closing. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. If you qualify, you can buy or build a home, or refinance an existing home mortgage, with as little as $0 down, great rates, and financing up to $484,350 (2019 limit) – more if you live in certain high-cost areas like New York City. Another benefit over traditional mortgages is that there is no PMI (Private Mortgage Insurance, the monthly insurance fee charged to protect the bank until you reach at least 20 percent equity).