Dale Fater | Waterstone Mortgage

Waterstone Mortgage helps Richmond-area homebuyers finance 1–4 unit residential properties with a wide spectrum of options—from conventional, FHA, VA, and USDA loans to construction (conventional and VA), investor-focused DSCR programs, fix-and-flip financing, land loans (up to roughly 20 acres and $500,000), non-warrantable condos, manufactured homes, and rural properties.

Represented locally by Dale Fater, the team emphasizes thorough pre-approvals and clear guidance, and can sometimes support scenarios up to eight units through broker partners. They also offer a program that can help current homeowners buy before selling: your existing mortgage may be excluded from debt-to-income in the new pre-approval, and if your home doesn’t sell within about 180 days, a third-party buyer steps in per terms set at the outset. The aim is practical solutions that fit real-world moves in the Greater Richmond region.

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Customer Experience: What to Expect When Working With Dale Fater at Waterstone Mortgage

Expect transparency, careful review, and realistic advice from the first conversation. Pre-approvals are built on complete documentation—tax returns, income verification, and confirmation of how you actually pay and receive funds—so your numbers are solid when it’s time to write an offer. Dale flags common pitfalls early, like self-employed losses that reduce qualifying income or disability income that needs proper tax treatment before it can be “grossed up.” The result is a pre-approval you and your agent can rely on, not a guess that unravels in underwriting.

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Once you’re under contract, the focus shifts to steady execution. Dale coordinates with your agent, listing side, and lender ops to work through inevitable hurdles—letters of explanation, documentation gaps, or appraisal and guideline questions—without losing momentum. The philosophy is equal parts communication and persistence: explain what’s needed, why it’s needed, and keep moving until the file is clear to close. For buyers who still own a home, the buy-before-you-sell option is discussed with eyes wide open: you’ll plan for the possibility of carrying two payments temporarily, and all pricing and terms are reviewed up front so there are no surprises.

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“There's a certain resiliency required in lending: Next hurdle. No worries. We’ve got this.”
— Dale Fater, Waterstone Mortgage

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Mortgage Lending Tips for RVA Homeowners

• Make your pre-approval bulletproof: Share full tax returns, W-2s/1099s, and recent pay stubs. If you own an LLC or file a Schedule C, losses can reduce qualifying income even if cash flow looks fine.
• Document your rent history: If you’re a renter, pay by check or electronic transfer and keep records. Cash payments and missing leases make 24-month rental verification difficult.
• Be mindful of payment apps: Heavy use of Zelle, Cash App, or Venmo can look like unverified income or undisclosed liabilities. Keep business activity separate and well-documented.
• Know what income can be “grossed up”: Certain non-taxed income (e.g., some VA disability) may qualify for a gross-up in underwriting when properly verified. Ask what applies to you.
• Consider buy-before-you-sell carefully: If using a program that excludes your current mortgage from debt-to-income on the new loan, be sure you can handle overlapping payments and understand the third-party purchase terms if your home hasn’t sold after ~180 days.
• Match loan type to your goals: Beyond conventional/FHA/VA/USDA, ask about DSCR loans for investment, construction options (including VA), non-warrantable condos, land loans, and manufactured housing guidelines.
• Write clean letters of explanation: When underwriters ask “why,” answer briefly and factually. Clear letters keep files moving.
• Protect your credit during escrow: Avoid new credit, large unexplained deposits, or job changes. Tell your lender first if something must change.
• Plan for cash to close plus reserves: Confirm down payment, closing costs, and required reserves early so wire amounts and timing aren’t a scramble.
• Compare more than rate: Weigh responsiveness, accuracy, and follow-through alongside pricing. A slightly lower rate doesn’t help if the file can’t close on time.

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Bottom line: Dale Fater and Waterstone Mortgage pairs thorough, transparent pre-approvals with a broad menu of loan solutions and steady problem-solving, helping Richmond buyers choose the right financing and close with confidence.

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Profile credit: Insights provided by Dale Fater, Waterstone Mortgage.