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