No Down Payment? No Problem.

Don’t let the thought of saving for a down payment stop you from owning a home. We’re here to dispel the myth that you can’t buy a home without a down payment. In fact, Waterstone Mortgage offers many low- and no-down-payment loan options for eligible homebuyers!

If you have limited cash or assets on hand for a down payment, but you are otherwise ready and qualified to take on the responsibilities of homeownership, our mortgage options could help you reach your goal.

Take a look at these new and exciting Waterstone Mortgage loan options, which might be right up your alley:

The Waterstone Mortgage Community Heroes Program requires only a 1% down payment. We are pleased to offer this special program for teachers, firefighters, police officers, Emergency Medical Technicians (EMTs), and paramedics.

A few other details include:

• You don’t have to be a first-time homebuyer; but, you cannot currently own real estate, unless that property is sold before or at the same time as your Community Heroes loan closing.
• There are no income limits; other lenders with similar programs often cap the amount of income a borrower can make to qualify for these loan types, but we don’t have that same requirement.
• There is no minimum borrower contribution; in other words, if someone would like to gift you a 1% down payment, you can use that entire amount! (A couple of caveats: your Debt-to-Income ratio must be less than 41% and your FICO score must be greater than 740. If that sounds confusing, no worries! We can explain it.)
• The seller may pay up to 3% of your closing costs (score!), and a lender credit may be used to pay the mortgage insurance premium. (Again, don’t sweat it if you’re not sure how or what we mean – we’d be glad to explain it all in person or over the phone.)
• You (and anyone else whose name is on the loan) must reside in the home and have a valid credit score.

Or maybe the Waterstone Mortgage Community Experts Program is a better fit for you. The good news with this program is: you can buy a home with NO money down! This loan is specifically for CPAs, CFAs,  architects, Ph.D.s, CMBs, and actuaries.

A few other details include:

• You don’t have to be a first-time homebuyer; but, you cannot currently own real estate, unless that property is sold before or at the same time as your Community Experts loan closing.
• Again, there are no income limits required; you work hard for your money – it shouldn’t exclude you from eligibility for programs such as these!
• A 5/1 or 7/1 Adjustable Rate Mortgage are available (If you’re like, “Huh?” we can explain; just ask!)
• You must have a 740 minimum FICO score
• The home you’re purchasing must be your primary residence (and a 1-unit property)
• Your Debt-to-Income ratio must be less than 41%
• The maximum loan amount is $453,100, although loan limits may be higher (depending on your location), so be sure to ask your Waterstone Mortgage loan originator.
• The seller may pay up to 3% of your closing costs, and a lender credit may be used to pay the mortgage insurance premium.
• You (and anyone else whose name is on the loan) must reside in the home and have a valid credit score.

Just in case none of these loans tripped your trigger, Waterstone Mortgage also offers a conventional loan program with no mortgage insurance – our Select Smart loan program. The Select Smart program is an incredible loan option that offers the best of both worlds – no mortgage insurance and a low down payment.

A few other details include:

• 3% down payment for first-time homebuyers, Fannie Mae refinances, or for borrowers that meet HomeReady® requirements*
• 5% minimum down payment required for all others
• 620 minimum FICO required
• 1-2 unit owner-occupied
• Maximum debt-to-income (DTI) is 50%

Other Select Smart options:

• Second home purchase – 10% down payment
• Investment home purchase – 15% down payment with 680 minimum FICO required

If you want to talk more about these options, let us know! The bottom line is this: if you don’t have a ton of money to put down on a home, we are dedicated to finding a loan that will still work for your situation.

Don’t put off your dream of homeownership – we can make it happen.

With adjustable rate mortgages, the interest 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. All loan requests are subject to credit approval as well as specific program requirements and guidelines. For some programs, income and property restrictions may apply. Information is subject to change without notice. Equal Housing Lender. Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF). 

This article is presented to you by Waterstone Mortgage. Please click here to read the full article.