The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) The biggest advantage of refinancing with a VA home loan is that homeowners can refinance up to 100% of the home's value, and they don't have to pay for mortgage insurance. A non-VA home loan normally requires some equity in the house.