Types of Home MortgagesTypes of Home Loans

Are you looking to purchase a home, but aren’t sure of what your options are? Waterstone Mortgage offers a number of home mortgage options to meet your needs.
Below is an overview of some of the most popular mortgage programs we offer. These brief overviews of each mortgage product will give you an idea of what’s available to you.
If you see a mortgage product you’re interested in learning more about, click the link to visit that product’s page for more details. You can also contact one of our mortgage professionals, who will be happy to answer your questions and help you decide which mortgage option is the best fit for your unique needs.

Conventional Loans

These are the most common types of loans, and include fixed rate and adjustable rate mortgages (ARMs). Most require a down payment, but there are options that minimize down payment requirements, including 5% down options. With adjustable rate mortgages, 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 mortgage payment.

Federal Housing Administration (FHA) Loans

FHA loans are designed to help first-time homebuyers and experienced homeowners who have not yet been able to save the cash needed for a down payment. FHA-insured mortgages offer homeowners a number of significant benefits, including:
  • Down payments as low as 3.5%
  • Loan is guaranteed by the government
  • Less than perfect credit can apply
  • Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available
  • Upfront Mortgage Insurance Premium (UFMIP) and monthly Mortgage Insurance Premium (MIP) fees may apply

U.S. Department of Veterans Affairs (VA) Loans

VA loans allow eligible veterans to realize their home buying dreams, and help existing VA homeowners with money-saving refinance options. The benefits of VA loans include:
  • Low down payment requirements
  • No private mortgage insurance requirements
  • No prepayment penalty
  • Less than perfect credit can apply
  • VA funding fees apply

U.S. Department of Agriculture (USDA) Loans

USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as “farmers loans”, but eligibility has recently been loosened, giving many people looking to purchase or refinance in a rural area access to the incredible benefits offered by these home loans. Those benefits include:
  • 100% financing options available
  • Great rates and down payment options
  • Better terms than a FHA or conventional loan
  • Flexible credit guidelines mean less than perfect credit may still qualify
  • USDA guarantee fee and annual fees apply

Learn More About Your Mortgage Options

Want to learn more about your home mortgage options and how Waterstone Mortgage can help you realize your homeownership dreams? You can contact us in four different ways: call our toll free number, visit one of our branches, contact us online or, if you’re ready to take the next step, fill out a mortgage pre-qualification form online.

FHA, VA, and USDA loans are government-insured loans subject to certain qualifications and restrictions. For reverse mortgages, borrower eligibility requirements apply. Consult a tax advisor for questions about tax and government benefit implications. All loans are subject to credit approval and loan program guidelines.