VA Loans

A VA loan is a top benefit of military service for eligible veterans, service members and qualifying surviving spouses. It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance, even if your credit isn’t perfect.

If you currently serve in the military or are a veteran, you’re potentially eligible for a VA loan.

Loan Requirements:

-Primary Residence purchase only.
- Minimum 600 credit score
- No DTI Needed
- Loan limit of $647.200
- VA loans are one of the few loan options that don’t require a down payment. Your lender may have specific requirements for a no-down-payment VA loan.

What Is A Certificate of Eligibility (COE)?

A COE is a document that shows your mortgage lender that you’re eligible for a VA home loan. To get a COE, you need to demonstrate proof of service. The proof you need to submit varies based on whether you’re an active-duty military member, a veteran, a surviving spouse or otherwise qualify for a VA loan.If you’re eligible, Water Mortgage can help you secure your COE.

Documents You’ll Need

Depending on your status, there are several different forms you’ll need to include with your mortgage application in order to qualify.

: Veterans need to submit DD Form 214. DD Form 214 is a certificate that verifies your military discharge. You can request your DD Form 214 online by using the eVetRecs filing system.

Active-Duty Service Members:
You’ll need a statement of service for VA loan applications signed by your personnel officer, or an adjunct or unit commander if you’re an active-duty service member. The statement of service must include your full legal name, Social Security number and birthdate.It must document the date you entered the service, information on any breaks or discharges you took from service and the name of the commander providing the information. Ask your superior for a statement of service before you apply for your COE.

Current Or Former Activated National Guard Member: 
Current National Guard members also need a copy of their Form DD 214.If you have at least 90 days of active service, you’ll need one of the following:Your DD214 that shows 32 USC sections 316, 502, 503, 504, or 505 activationAn annual point statementYour DD220 with corresponding orders


  • VA Loan Rates Are Typically Lower: Because they’re backed by the government and carry lower risk for lenders and investors, VA loans typically have lower interest rates than conventional loans, particularly for borrowers with credit issues. Learn more about VA mortgage rates here.

  • VA Loans Usually Don’t Require A Down Payment: VA loans are one of two major mortgage options (the other is the USDA loan for rural home buyers) that typically don’t require a down payment. This means you’ll need less money up front, being able to save the extra or spend it on home furnishings and projects.

  • Lenient Borrowing Requirements: VA loans allow you to qualify with a higher DTI than any mortgage program from one of the major mortgage investors. If you credit score is 620 or better, DTI to qualify can vary based on factors like credit score and down payment amount.If your score is at least 580 but less than 620, your mortgage payment can't account for more than 38% of your gross monthly income. Additionally, your total DTI can be no higher than 45%.

Special Benefits for Disabled Veterans

  • Exemption From Funding Fees: Disabled veterans are exempted from the VA funding fee, so they don’t have to pay the VA funding fee during closing. To qualify for the exemption, you must currently receive some form of disability benefits. Your level of disability is irrelevant.

  • Access To Specially Adapted Housing (SAH) Grants: Do you have a disability that affects your mobility or sight? You may qualify for a SAH grant. SAH grants can go toward constructing a special home designed to fit the needs of the disabled individual. Or they allow you to modify an existing home to make it more accessible. SAH grants can also pay the unpaid balance of an adapted home already purchased without VA grant assistance.

  • Access To Other Adaptation Grants: Disabled veterans may also qualify for a Temporary Residence Adaptation (TRA) grant to add modifications to your property that make it easier to navigate if you live with a family member. Like SAH grants, you won’t need to pay back your TRA grant, which makes them a powerful tool for veterans with mobility-related disabilities.

Can a Loan Officer Pre-Approve this Loan?

Like with all other Mortgages and loans, a Loan Officer can help you get Pre-Approved for a loan so the lending process can happen smoothly. Water Mortgage is here to help with all your Pre-Approval needs!

Get Pre-Approved for a VA Loan Today!