Government Loans

• Low down payments programs
• Limited closing costs - many can be added into your loan
• 100% of closing costs can be gifts from relatives or others
• Ability to finance home rehabilitation and energy efficiency
  improvements
• Growing Equity Mortgages-low initial payments that grow with  your income
• No prepayment penalties
• Refinance programs with streamlined documentation

Veterans Administration (VA) Loans
VA loan programs are designed to help veterans and active duty military personnel purchase and retain homes in recognition of their service to the Nation. Generally veterans that have served 90 days of active duty during wartime or 181 continuous days during peacetime are eligible for VA loan programs. National Guard and reserve members are also eligible with 6 years of service.

A variety of loans are offered through VA programs up to a maximum loan amount of $417,000. Loans include fixed rate and adjustable rate mortgages for single-family homes, multi-family homes, condominiums, town homes, and other home types.

• Down payment requirements easier than you think
• Qualification is easier for those with past credit problems
• No private mortgage insurance requirements
• Surviving spouse eligibility
• No prepayment penalties
• Graduated payment options - payments start low and increase over time
• Options to finance home rehabilitation & energy efficiency improvements
• Refinances available for debt consolidation - up to 90% of home value

Our loan officers are experienced in helping veterans determine their eligibility for VA loan programs, ordering VA assigned appraisals, and guiding the loan approval process.

Rural Development (RD) Loans
A USDA guaranteed Loan is government-insured 100% purchase loan. These loans are only offered in non-urban areas and serviced by direct lenders that meet federal guidelines.

In 2009, the USDA enacted changes that made millions of borrowers eligible for its rural mortgage programs. Many homebuyers dream of purchasing a home but don't necessarily have the cash on hand to make the hefty 20% down payment required for many conventional home loans.

USDA mortgages stand alone as the only zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a loan program that offers more favorable terms.

USDA Loans - They're NOT for Farmers!
A USDA home loan has nothing to do with agriculture. USDA Loans used to be considered "farmers loans" but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, Waterstone Mortgage can help you to determine your eligibility.

It's simply a government insured loan program directed to families in qualifying rural areas of the U.S. - which generally include:

• Communities outside of city limits
• Communities with less than 20,000 people

You may be surprised to learn just how many areas of the United States qualify for these no money down, no mortgage insurance home loans.
The goal of the USDA loan program is to help our nation's smaller, rural communities thrive by making land and property more affordable.

Why Buy a Home with a USDA Rural Development Loan?
In a word: Affordability.

For starters, a USDA Loan is the only loan program offered to the general that allows you to finance 100% of your home's value. That means no down payment of any kind.
In addition, there is no monthly mortgage insurance payment with a USDA guarantee loan, which means more money can go to paying off the mortgage each month. USDA loans are made even more affordable through very competitive fixed interest rates, ensuring your payments will not increase every month.

• NO down payment - Finance 100% of your home
• NO monthly mortgage insurance
• NO maximum loan amount
• NO assets needed to qualify
• Flexible credit guidelines
• Competitive, fixed interest rates so payments do not increase
• USDA Loans are for new and existing properties