VA Loans

VA loans are a powerful benefit available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. Backed by the U.S. Department of Veterans Affairs, VA loans make homeownership more affordable with no down payment, no private mortgage insurance (PMI), and competitive interest rates.

A Quick Look at Some VA Loan Benefits

  • No down payment required
  • No monthly mortgage insurance (PMI/MIP)
  • Competitive interest rates
  • Flexible credit requirements
  • Limited closing costs
  • Assumable by qualified borrowers
  • Available for purchase or refinance
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VA Loan Options with Watermark

VA Purchase Loan

A VA purchase loan helps veterans and service members buy a home with no down payment and favorable terms. This option makes it easier for military families to achieve homeownership.
  • No down payment required
  • No monthly mortgage insurance
  • Seller can contribute toward closing costs
  • Competitive fixed and adjustable-rate options

VA IRRRL (Interest Rate Reduction Refinance Loan)

Already have a VA loan? A VA IRRRL, also known as a VA streamline refinance, offers a simple way to lower your interest rate and monthly payment with minimal paperwork. Other benefits include:
  • No appraisal required in most cases
  • No income or employment verification in many cases
  • Lower interest rates and payments
  • Reduced funding fee compared to standard VA loans
  • Streamlined process for faster closing

VA Cash-Out Refinance

With a VA cash-out refinance, eligible veterans and service members can access their home’s equity for debt consolidation, home improvements, or other financial needs. Unlike FHA, VA cash-out refinancing can go up to 90% loan-to-value (LTV) for qualified borrowers.
  • Access up to 90% of your home’s equity
  • Pay off high-interest debt
  • Make home improvements or cover major expenses
  • Refinance a non-VA loan into a VA loan
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VA Loan Eligibility Requirements

Apply now and our seasoned mortgage bankers will answer any questions you may have and determine whether you qualify for one of our VA loan programs. Below are some basic requirements:
  • Must be an eligible veteran, active-duty service member, or certain National Guard/Reserve members
  • Obtain a valid Certificate of Eligibility (COE)
  • Meet VA service requirements
  • Property must be your primary residence
  • Satisfactory credit and income history
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VA Loan FAQs

A VA loan is a government-backed mortgage available to eligible veterans, active-duty service members, and qualified spouses. It offers no down payment, no PMI, and favorable terms.

No. VA loans do not require monthly mortgage insurance, unlike FHA loans.

The VA funding fee is a one-time cost that helps keep the VA loan program running. It can be financed into the loan and is waived for veterans with service-connected disabilities.

Technically, the VA does not set a minimum credit score for VA loans and lenders like Watermark will consider other strong factors such as low debt-to-income ratios, strong income, a large savings cushion, and other factors.

Yes. You can use your VA loan benefit multiple times, as long as you still have remaining entitlement or restore it after selling a previous home.

No. VA loans are only for primary residences.

VA cash-out refinancing allows eligible borrowers to access up to 100% of their home’s equity, depending on qualifications.

Get Started with a VA Loan Today

At Watermark Home Loans, we’ve been proudly serving veterans, service members, and their families since 2006. Whether you’re using your VA benefit to buy your first home, refinancing to lower your rate through a VA IRRRL, or tapping into your equity with a VA cash-out refinance, our team will guide you through every step of the VA loan process.
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Questions? Call us at 800-896-9374