No And Low Down Payment Mortgage Options

 

No and low down payment programs

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

  • Finaicng the mortgage insurance with a single premium payment included in the loan amount, up to 103%* loat-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


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


To compare home loans and find the perfect on for your needs, locate a loan originator!


Geographic restrictions apply.
*Available for qualified homebuyers with FICO 760 and above. FICO lower than 760 will need to provide a down payment.
**Loan limits may be higher in some locations. Contact your loan originator to learn more.
***HomeReady has income restrictions and requires homeownership education.
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.