No- And Low-Down-Payment Mortgage Options

Posted by Florida Realty Marketplace on Tuesday, July 2nd, 2019 at 4:36pm

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

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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