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Mortgage Basics

Mortgages with Low Down Payments

September 06, 2018

Don’t let the thought of saving for a down payment stop you from owning a home. 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 Waterstone Mortgage loan options, which might be right up your alley: 

Community Heroes: 1% Down Payment Loan Program 

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. 

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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!  
  • You must have a 740 minimum FICO score 
  • The seller may pay up to 3% of your closing costs, and a lender credit may be used to pay the mortgage insurance premium

Community Experts: No-Down-Payment Loan Program 

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.Ds., CMBs, and actuaries. 

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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 
  • 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 seller may pay up to 3% of your closing costs, and a lender credit may be used to pay the mortgage insurance premium. 

Don’t put off your dream of homeownership – we can make it happen. Find a local mortgage expert in your area to get started.