A Complete Guide to Applying for a VA Home Loan
If you’re a veteran, active-duty service member, or surviving spouse, a VA home loan can make homeownership more affordable and accessible. Backed by the U.S. Department of Veterans Affairs, these loans offer competitive rates and flexible requirements — making them one of the best mortgage options available to those who’ve served.
In this guide, we’ll walk you through how to get a VA loan step by step, what makes this loan type unique, and how to make the process as smooth as possible.
What Is a VA Loan?
A VA loan is a mortgage program created by the U.S. Department of Veterans Affairs (VA) to help veterans and service members buy, build, or refinance a home. Because the federal government backs VA loans, they come with significant benefits that make homeownership more attainable.
Key benefits of a VA home loan include:
- No down payment required (in most cases)
- No Private Mortgage Insurance (PMI)
- Competitive interest rates
- Lower closing costs
- More lenient credit requirements compared to conventional loans
VA loans are available exclusively to:
- Veterans
- Active-duty military personnel
- Members of the National Guard and Reserves
- Eligible surviving spouses
How to Get a VA Home Loan (Step-by-Step)
The VA loan process is similar to other mortgage programs, but it includes a few additional steps to verify eligibility and meet VA requirements. Here’s how to get started:
Step 1: Find a VA-Approved Lender
Not all mortgage companies offer VA loans, so it’s important to work with a VA-approved lender. Waterstone Mortgage proudly offers VA home loans and has experienced loan originators who specialize in working with veterans.
Step 2: Obtain Your Certificate of Eligibility (COE)
Before applying, you’ll need a Certificate of Eligibility (COE) to prove you qualify for a VA loan. You can request your COE directly from the VA, or your loan originator can help you obtain it as part of your application process.
Step 3: Get Pre-Approved for a VA Loan
A pre-approval shows how much home you can afford and signals to sellers that you’re a serious buyer. During this step, your lender will review your income, credit, and financial history. At Waterstone Mortgage, we also offer our Platinum Credit Approval* — the strongest pre-approval option.
Step 4: Find Your New Home and Make an Offer
Once you have your pre-approval letter, it’s time to start house hunting! When you find the right home, your real estate agent will help you make an offer. After the seller accepts, you’ll move forward to the next phase of the VA loan process.
Step 5: Complete the VA Home Appraisal
The VA requires a home appraisal to ensure the property meets its minimum property requirements (MPRs) — meaning the home is safe, sound, and sanitary.
An approved VA appraiser will check things like:
- Roof condition
- Plumbing and electrical systems
- Proper drainage around the home
- Condition of the bathrooms and kitchen to ensure they’re functional
Tip: VA appraisals also include Tidewater and Reconsideration of Value (ROV) processes, which can impact the final appraised value. Your loan originator can explain how these work before you get started.
Step 6: Close on Your VA Loan and Move In
Once underwriting is complete and your loan is fully approved, it’s time to close on your new home!
At Waterstone Mortgage, you can choose from several closing options — traditional, hybrid eClose, or fully virtual eClose — depending on your loan’s unique requirements. The hybrid eClose option allows you to preview your closing documents in advance and electronically sign eligible documents before your closing date (saving you time at the closing table). With a full eClosing, our customers in select locations can conduct the entire closing appointment virtually.
After closing, grab those keys and start enjoying your new home!
Ready to Get Started?
Whether you’re buying your first home or your next one, a VA loan can help you achieve your homeownership goals with a streamlined process and potentially more savings.
Contact a Waterstone Mortgage VA loan expert today or visit our VA Loans page to learn more about your options.
A VA loan is a government-insured loan subject to certain qualifications and restrictions. A VA funding fee is typically required, which can be financed into the loan amount. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.
*A Platinum Credit Approval is a pre-approval program offered by Waterstone Mortgage. In accordance with federal regulations, consumers are not required to provide verifying documents until they have submitted an application, received a Loan Estimate Disclosure, and stated their intent to proceed with the loan transaction. A pre-approval is not an offer to enter into an agreement, which must be made separately and in writing, and should not be construed as a commitment to lend. Waterstone Mortgage is not obligated to close and fund a loan unless all terms and conditions of the pre-approval have been met. Once a property is selected, Waterstone Mortgage must order and receive a satisfactory flood zone determination, property appraisal, and a satisfactory private mortgage insurance certification, if required. Waterstone Mortgage reserves the right to cancel a pre-approval in the event of any material misrepresentation in the customer’s application, in the event of an adverse change in the customer’s credit history, employment, income, assets, debt, or other factors affecting their financial status, or if the above requirements are not satisfied.
