VA Loans

mortgage loans for veterans and active-duty military

At Waterstone Mortgage, we proudly support those who serve our nation. That’s why we offer Veterans Affairs (VA) loans — a special mortgage program designed exclusively for U.S. military veterans, active-duty service members, and eligible surviving spouses. It’s our way of saying “thank you” for your service.

what is a VA loan?

A VA home loan is a type of mortgage backed by the U.S. Department of Veterans Affairs. This program was created to help military members achieve the dream of homeownership with affordable and flexible loan terms.

 

key benefits of VA loans

  • No Down Payment Required — In most cases, buy a home with $0 down, preserving your savings.
  • Loan Amounts Up to $1.5 Million* — More buying power to help you find the home that fits your needs.
  • Competitive Interest Rates — VA loans often offer lower rates than conventional loans, saving you money over time.
  • No Private Mortgage Insurance (PMI) — Unlike many low-down-payment loans, VA loans don’t require monthly PMI.
  • Flexible Credit Requirements — VA loans offer more lenient credit score guidelines (as low as 580 FICO) compared to conventional financing.
  • Limited Closing Costs — VA guidelines limit the types of closing costs veterans can be charged.

 

who is eligible for a VA loan?

These individuals may qualify for a VA loan:

  • Veterans with qualifying service history
  • Active-duty service members
  • National Guard and Reserve members
  • Eligible surviving spouses

 

why choose Waterstone Mortgage for your VA loan?

As a VA-approved lender, Waterstone Mortgage is proud to serve those who serve. We’ll guide you through every step of the VA loan process, ensuring you receive the benefits you’ve earned with a smooth and transparent experience. We’re here to guide you each step of the way, as you reach your homeownership goals. 

 
Did you know?
VA refinance loans are also available for U.S. military veterans, active-duty service members, and eligible surviving spouses. Whether you have an existing VA loan on your home or a different mortgage type, a VA refinance can help you save money on your monthly payments, lower your interest rate, take cash out of your equity, or pay off your existing mortgage.

how do i get a VA loan?

To get started, you’ll need a Certificate of Eligibility (COE) from the VA — and we can help you obtain it during the application process.

Your COE shows your mortgage lender that you meet the requirements necessary for a VA loan. Applying for a COE is straightforward and can be done online, through the mail, or through a lender.

Active-duty military members and current National Guard members or Reservists who have never been in federal active service will need to present a current statement of service to obtain a COE.

Veterans, current or former National Guard members, and Reservists who have been activated for federal active service will need to present a DD214 form confirming their past service.

 

VA Loan FAQs
What documents are required to apply for a VA Loan?

To apply for a VA loan, you'll need several key documents, including:

  • Certificate of Eligibility (COE) – to prove military service
  • Proof of income, such as:
    • Recent pay stubs
    • Tax returns
    • W-2s
  • Personal identification – e.g., a government-issued photo ID
  • Military service records, including:
    • DD214 (for veterans)
    • Statement of Service (for active duty or National Guard/Reserves)
  • Recent bank statements
  • Property purchase agreement (if applicable)
  • VA-required home appraisal
  • Credit report
  • Additional documents, depending on your situation, such as:
    • Divorce decree
    • Rental history

Check with your lender for any additional requirements that are specific to your unique situation. 

How long does the VA Loan process take?
The VA loan process typically takes 30 to 45 days, but the exact timeline can vary based on several factors, including the complexity of your application, how quickly you’re able to submit documentation, and your lender’s efficiency. It’s important to stay in regular communication with your lender and provide requested documents in a timely manner to keep the loan approval process on track.
What is the VA Funding Fee? Is it required?

The VA Funding Fee is a one-time fee required for most veterans using a VA loan and helps offset the program’s cost to taxpayers. The fee ranges from 2.3% to 3.6% of the loan amount (0.05% for VA Interest Rate Reduction Refinance Loans, also called IRRRL). The fee varies depending on factors such as whether it's your first or subsequent VA loan use, and if you make a down payment.

The VA Funding Fee is usually rolled into the loan, allowing veterans to finance it rather than pay up front. This fee helps ensure the VA loan program remains available for future generations of veterans and is one of the reasons VA loans don’t require private mortgage insurance (PMI). Veterans with service-connected disabilities are typically exempt from the fee. 

What is the role of the VA appraisal?
Should I obtain a home inspection for my VA loan?

While a VA appraisal ensures the home meets the VA’s Minimum Property Requirements (MPRs), it doesn't cover hidden issues like plumbing, HVAC, or roof conditions. Therefore, obtaining a home inspection is highly recommended when applying for a VA loan.

A home inspection goes beyond the appraisal, uncovering potential problems that could lead to costly repairs down the line. It also allows you to negotiate with the seller for repairs, credits, or a lower sale price — ensuring that the home is a sound investment. A home inspection provides essential protection and helps you avoid unexpected expenses after closing.

What are the occupancy requirements for a VA loan?
  • The borrower must occupy the property as their primary residence within 60 days of closing.
  • For multi-family homes (up to 4 units):
    • The borrower must live in one of the units.
    • The other units can be rented out.
  • In cases of deployment or relocation, a spouse can fulfill the occupancy requirement.
  • The property cannot be vacant for more than 12 months.
  • Purchases of investment properties and second homes are not eligible for VA financing.
  • The home must be used primarily as the borrower's personal residence:
    • Not as a second home.
    • Not as a rental property.
Can someone have more than one VA loan?

Yes, veterans and service members can have more than one VA loan under certain conditions. The VA loan program allows individuals to use their VA loan entitlement multiple times if there is remaining entitlement. If you’ve paid off or sold a previous home, your entitlement can be restored, making you eligible for a second VA loan.

It’s also possible to have two VA loans at once if you meet the eligibility requirements, such as having sufficient entitlement and meeting income and credit criteria. The loan amount and eligibility depend on factors like county loan limits and whether the home will be your primary residence.

If you’re considering applying for a second VA loan, it’s a good idea to work with a mortgage lender experienced in VA loans, such as our team at Waterstone Mortgage. We can help you understand how much entitlement you have left and guide you through the process.

Can a VA loan be paid off early without penalty?

Yes, a VA loan can be paid off early without any prepayment penalties. One of the key advantages of a VA home loan is the flexibility to make extra payments or pay off the loan in full at any time without incurring additional fees. This feature can help homeowners save money on interest over the life of the loan.

Before proceeding, it’s always a good idea to confirm with your VA loan lender that there are no specific terms or conditions that could affect early repayment.

What if there are troubles making payments on a VA loan?

If you're having trouble making payments on a VA loan, it’s crucial to contact your lender immediately to explore options like forbearance, loan modification, or payment deferral.

The VA also offers assistance programs to help veterans facing financial hardship, including default assistance and special forbearance programs. Refinancing through a VA IRRRL (Interest Rate Reduction Refinance Loan) may also help lower your payments if your financial situation improves.

If keeping the home isn't feasible, you might consider selling the property or relocating. Taking proactive steps and working with your lender can help avoid foreclosure and put you on the path to financial recovery.

multiple solutions for those who serve our nation

Waterstone Mortgage offers VA loans for veterans, active military members, and surviving spouses in a variety of unique scenarios

 

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. *Full entitlement required for specific loan amounts, ask your loan originator for details. A VA loan is a government-insured loan subject to certain qualifications and restrictions.

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.