WATERMARK VA LENDING

Maximize Your VA Loan Benefit

Your service. Your benefit. Up to $3 million, zero down. VA and VA Jumbo financing through Watermark — a Ginnie Mae Approved Seller/Servicer with in-house underwriting. Zero down to $3M, sensible down payments above. No published max — let’s talk.

The Watermark Advantage
$ 0 M
Zero-Down VA Jumbo

Most lenders cap this at $1M–$2.5M. We don’t.

$ 0
Monthly PMI / MIP

Keep your monthly payments lower, forever.

Direct

Ginnie Mae Seller/Servicer

In-house underwriting for faster, reliable closings.

ZERO DOWN TO $3M

Buy the home you earned without tying up your cash in a down payment.

IN-HOUSE UNDERWRITING

Underwritten by our team, meaning fewer delays & faster closings.

FUNDING FEE WAIVERS

Deep expertise in maximizing fee waivers for eligible veterans.

(see Licenses page for state availability)

Your Earned Benefit

VA Funding Fee Waived

The VA funding fee is fully waived for veterans with a service-connected disability rating of 10% or higher, for Purple Heart recipients on active duty, and for qualifying surviving spouses. We make sure you get the full benefit you’ve earned.

Purchase Price

$600,000

You Save

$12,900

Purchase Price

$1,500,000

You Save

$32,250

Purchase Price

$3,000,000

You Save

$64,500

Purchase Price

$5,000,000

You Save

$107,500

Purchase Price

$600,000

You Save

$19,800

Purchase Price

$1,500,000

You Save

$49,500

Purchase Price

$3,000,000

You Save

$99,000

Purchase Price

$5,000,000

You Save

$165,000

Purchase Price

$600,000

You Save

$3,000

Purchase Price

$1,500,000

You Save

$7,500

Purchase Price

$3,000,000

You Save

$15,000

Purchase Price

$5,000,000

You Save

$25,000

View the official funding fee structure at VA.gov

Downpayment Structure

VA Jumbo Loan Amount Tiers

Total Purchase PriceRequired Down Payment
Up to $3,000,0000%
$3,000,001 – $5,000,00010% of purchase price
$5,000,001 – $7,500,00015% of purchase price
$7,500,001 – $10,000,00020% of purchase price
Above $10,000,000Case-by-case
Real cost of waiting on your VA benefit

Watermark VA Jumbo vs. Conventional Jumbo

While most retail banks quietly cap zero-down advantages around $2.5M, we secure your full earned benefit up to $3M—and aggressively minimize your cash-to-close on luxury tiers above it. Select a purchase price to see the difference.
Conventional Jumbo
~30% down
$900,000
Watermark VA Jumbo
0% down
$0
You keep in cash

$900,000

Conventional Jumbo
~35% down
$1,750,000
Watermark VA Jumbo
10% down
$500,000
You keep in cash

$1,250,000

Conventional Jumbo
~35% down
$2,625,000
Watermark VA Jumbo
15% down
$1,125,000
You keep in cash

$1,500,000

Conventional Jumbo
~40% down
$4,000,000
Watermark VA Jumbo
20% down
$2,000,000
You keep in cash

$2,000,000

Conventional jumbo down payment percentages reflect industry-typical 2026 standards for purchases at these loan amounts. Watermark VA Jumbo grid as published.

A conventional jumbo borrower at 20% down brings $1.8M to closing on a $9M purchase. Through Watermark VA Jumbo, the same buyer brings $1.2M.

Tailored VA Lending Solutions

Whether you are buying your first home, securing a multi-million dollar property, or tapping into your equity, we structure your loan to maximize your specific advantage

Buying My First Home (Standard VA)

Buying a Home

Use your VA benefit to buy a home with $0 down and no monthly PMI. Perfect for active duty and veterans entering the housing market.

High-Balance Purchase (VA Jumbo)

Buying a High-Value Home

Leverage your benefit for the home you’ve earned. Zero down up to $3,000,000 with sensible down payments above.

Service-Connected Disabled Veteran

Service-Connected Disability

Maximize your earned benefits. We specialize in structuring loans to fully utilize your VA funding fee waiver for massive savings.

Refinancing (IRRRL / Cash-Out)

Refinancing an Existing Home

Lower your rate with a VA Streamline (IRRRL) or tap into your home’s equity with a VA Cash-Out Refinance.

Who is this for?

In the interest of transparency, our VA programs are built for the following borrower profiles.

Watermark VA vs. Typical Lenders

Most banks quietly cap your zero-down VA benefit between $1M and $2.5M. We maximize your buying power up to $3 million with in-house underwriting and direct-to-agency execution.

FeatureTypical VA LendersWatermark VA
Max Zero-Down Loan AmountCaps out at $1M to $2.5MUp to $3,000,000
Down Payment Above MaxHard caps or high percentagesTiered grid above $3M
Monthly PMI$0$0
Underwriting ModelOutsourced / Investor queuesIn-House Underwriting
Loan ServicingSold the day after fundingMay be serviced by Watermark
Funding Fee WaiverOften buried or poorly explainedDedicated expertise for eligible veterans

*Maximum zero-down loan amounts are subject to borrower qualification, credit approval, and available VA entitlement. Purchases exceeding $3,000,000 require a down payment based on a tiered percentage of the excess amount. The VA funding fee waiver applies exclusively to veterans with a qualifying service-connected disability, Purple Heart recipients on active duty, and eligible surviving spouses. Watermark Capital, Inc. is a Ginnie Mae Approved Seller/Servicer; while we retain servicing on many of our loans, we do not guarantee retained servicing on any individual file.

Frequently Asked Questions

Up to $3,000,000. While the Department of Veterans Affairs formally eliminated statutory loan limits in 2020, most retail banks still quietly cap their zero-down VA loans between $1M and $2.5M. Because Watermark is a direct Ginnie Mae Seller/Servicer with in-house underwriting, we allow eligible veterans with full entitlement to purchase up to $3 million with zero down payment.

Yes, by applying a flat percentage down payment. For homes exceeding the $3,000,000 zero-down limit, Watermark requires a sensible down payment calculated as a percentage of the entire purchase price. For example, on a $4,000,000 purchase, you would put 10% down, bringing your total out-of-pocket down payment to $400,000.

We offer both the VA IRRRL (Streamline) and VA Cash-Out Refinance.

  • VA IRRRL (Interest Rate Reduction Refinance Loan): Often called a “VA streamline refinance,” this is used to lower the interest rate or switch from an adjustable-rate to a fixed-rate mortgage on an existing VA loan. It often requires no appraisal, no income verification, and sometimes no underwriting — making it faster than standard refinances. A funding fee of 0.5% applies (waived for eligible disabled veterans).

  • VA Cash-Out Refinance: Allows qualified veterans to borrow against the equity in their home. A funding fee of 2.15% (first-use) or 3.30% (subsequent-use) applies, which is also fully waived for eligible disabled veterans.

The VA program permits up to 100% LTV on a cash-out refinance, but most lenders cap lower to manage risk. Watermark structures cash-out LTV to stay 10 percentage points below our purchase LTV at the same loan size — a conservative posture that keeps our risk on a cash-out file in line with how we underwrite the same loan size on a purchase:

  • Standard VA cash-out (loan amount up to $3M): 90% LTV

  • VA Jumbo cash-out, $3M–$5M: 80% LTV

  • VA Jumbo cash-out, $5M–$7.5M: 75% LTV

  • VA Jumbo cash-out, $7.5M–$10M: 70% LTV

  • VA Jumbo cash-out, above $10M: case-by-case

Exceptions of 5–10% above these limits may be considered based on compensating factors such as FICO, reserves, residual income, and equity history.

By comparison, conventional jumbo cash-out is typically capped at 60–75% LTV — meaningfully tighter than VA. On a $3,000,000 home, Watermark VA cash-out delivers up to $2,700,000 versus roughly $1,800,000–$2,250,000 through a conventional jumbo cash-out — up to $900,000 more accessible equity. On a $5,000,000 home, $4,000,000 Watermark VA versus $3,000,000–$3,750,000 conventional.

No. VA loans never require monthly mortgage insurance. Whether you put 0% or 20% down, there is no Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) attached to your monthly payment. This preserves your capital and keeps your monthly payment significantly lower than a comparable Conventional or FHA loan.

It is fully waived for eligible disabled veterans. If you have a service-connected disability rating of 10% or higher, are a Purple Heart recipient on active duty, or are a qualifying surviving spouse, the VA funding fee is zero. For non-exempt borrowers, this is a one-time fee (ranging from 1.25% to 3.3% depending on your down payment and prior VA use) that goes directly to the VA to sustain the program. It does not need to be paid in cash and is typically rolled directly into your loan amount.

Yes. Your VA home loan benefit is a lifetime benefit, not a one-time perk. You can reuse your full benefit after selling a previous VA-financed home and paying off the loan. You can also have two active VA loans at the same time if you have sufficient remaining entitlement — a common scenario for active duty service members who retain a prior home after a PCS move and want to use VA again for the new primary residence. The math depends on your original loan amount, your remaining entitlement, and current county loan limits (as established by the Department of Veterans Affairs and FHFA).

Primary residences up to 4 units. You can use your VA benefit to purchase a single-family home, a VA-approved condominium, or a multi-family property (such as a duplex, triplex, or fourplex), provided you occupy at least one of the units as your primary residence. You cannot use a VA loan to purchase a dedicated investment property, a vacation home, or vacant land without a home being built.

There is no federal minimum, but lenders set internal limits. While the VA itself does not enforce a hard credit score floor, secondary market investors do. Because Watermark underwrites its loans in-house, we review your complete financial profile. We can often manually underwrite complex files and approve high-balance VA Jumbo loans with more flexibility than standard retail banks.

Yes, via a VA Cash-Out Refinance. If you currently have a Conventional or FHA loan, you can refinance it into a VA loan to eliminate your monthly PMI or tap into your home’s equity. If you already have a VA loan, you can utilize a VA Streamline Refinance (IRRRL) to lower your interest rate quickly, which in most cases requires no home appraisal and no income verification.

Yes — VA loans are generally assumable, subject to qualification and lender approval. The assuming party does not need to be a veteran, but must meet credit and income qualifications. The original veteran’s entitlement remains tied to the loan until the assuming party either is a veteran substituting their own entitlement, or pays the loan off in full.

Reviewed by Nick Joutz

Co-Founding Partner | NMLS #9220

Ready to maximize your VA benefit?

Experience a frictionless, advisor-led process with our in-house VA specialists. No credit pull required to see your options.

01

Tell us whether you’re looking to buy a new home, leverage a VA Jumbo, or tap into your equity.

02

Our dedicated VA team will review your goals and calculate your exact zero-down buying power.

03

Get a clear, competitive quote and a frictionless roadmap to funding.

Government Non-Affiliation: Watermark Capital, Inc. is a private corporation and is not affiliated with, acting on behalf of, or endorsed by the Department of Veterans Affairs (VA), the U.S. Department of Defense, Ginnie Mae, or any other federal government agency.

Product Identity & Eligibility: VA loans are subject to borrower qualification, credit approval, and available VA entitlement. The stated $3,000,000 zero-down limit is Watermark’s maximum for qualified borrowers with full entitlement; purchases exceeding this amount require a down payment based on a tiered percentage of the excess. The VA funding fee waiver applies exclusively to veterans with a qualifying service-connected disability, Purple Heart recipients on active duty, and eligible surviving spouses.

State Availability & Servicing: Watermark Home Loans is a nationwide lender. For our full state licensing footprint, see the Licenses page. Watermark Capital, Inc. is a Ginnie Mae Approved Seller/Servicer; while we retain servicing on many of our loans, we do not guarantee retained servicing on any individual file. Your loan may be serviced by Watermark or transferred after closing.

Credit Inquiries: Submitting this initial form does not trigger a hard credit inquiry. A hard credit pull is only required when you choose to submit a formal mortgage application.

Watermark Capital, Inc. is an Equal Housing Lender. NMLS #1838.