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 nurses/CNAs, teachers, school employees, firefighters, police officers, law enforcement, 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 5/1, 7/1, or 10/1 adjustable-rate mortgage are available
- You must have a 740 minimum FICO score
- The seller may pay up to 3% of your closing costs
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.
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, 7/1, or 10/1 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)
- The seller may pay up to 3% of your closing costs
Don’t put off your dream of homeownership – we can make it happen. Find a local mortgage expert in your area to get started.
