Your home purchase is a big deal, but your down payment shouldn’t be. If you haven’t saved a significant down payment for a home, but you’re otherwise qualified to receive financing, we have you covered. Waterstone Mortgage offers a variety of no- and low-down-payment mortgage programs to help you achieve your goal of homeownership.

No Down Payment

USDA/Rural Housing Loans

• FICO as low as 600
• Home must be located in designated area

VA Loans

• FICO as low as 600
• No mortgage insurance requirements
• Available for active-duty military, veterans, reservists and members of the National Guard, and some surviving spouses of veterans

Wealth Building Loan

• FICO as low as 680
• Financing through adjustable rate mortgage
• Loan amounts up to $650,000
• Eliminate mortgage insurance earlier in life of the loan
• Finance the mortgage insurance with a single premium payment included in the loan amount, up to 103%* loan-to-value
• Build wealth faster

Community Experts

• FICO as low as 740
• Financing through adjustable rate mortgage
• Loan amounts up to $453,100**
• Available for: CPAs, CFAs, Ph.D.s, architects, CMBs, or actuaries

1% Down Payment

Community Heroes

• FICO as low as 740
• Financing through adjustable rate mortgage
• Loan amounts up to $453,100**
• Available for: police, firefighters, teachers, EMTs, or paramedics

3% Down Payment

Conventional Loans

• FICO as low as 620
• Variety of mortgage insurance options
• Fixed and adjustable rate mortgage options
• Affordable lending options with HomeReady® Program and Home Possible® Program

Select Smart Conventional Loans

• For first-time homebuyers, Fannie Mae refinances, or for borrowers that meet HomeReady® requirements***
• FICO as low as 620
• No mortgage insurance

3.5% Down Payment

FHA Loans

• FICO as low as 585
• Less-than-perfect credit accepted
• Energy-efficient mortgages, refinances, and renovation loans also available

5% Down Payment

Single Loan Close Construction Program

• Hassle-free draw process for builders
• Interest-only payments on outstanding loan balance during construction
• Adjustable-rate mortgage (ARM) and fixed-rate options for permanent financing
• Principal & interest (P&I) payments begin after home is built

Select Smart Conventional Loans

• FICO as low as 620
• No mortgage insurance

Jumbo Loans

• Financing up to $2.5 million
• Fixed and adjustable rate mortgage options available
• Non-warrantable condo options considered
• Second home Jumbo loan options available

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• Buying a Home (35)
• mortgage (21)
• loan options (1)