VA Home Loans are provided by private lenders, such as banks and mortgage companies. The Department of Veterans Affairs (VA) guarantees a portion of the loan, enabling the lender to provide veterans with more favorable terms. This program helps veterans, certain service personnel, and certain unmarried surviving spouses of veterans obtain credit for the purchase, construction, or improvement of homes on more liberal terms than are generally available to non-veterans. Lenders, such as mortgage companies, savings and loan associations, or banks, make the loans and the VA provides the guarantee. The amount guaranteed varies with the amount of the loan and previous use of the program. With the current maximum guarantee, a veteran who has not previously used the benefit may be able to obtain a loan up to $240,000, depending on the borrower’s income level and the appraised value of the property.