Builder Tools

resources for construction builders & contractors

We care about making the mortgage lending process as seamless as possible for our customers and business partners – and the construction process is no exception.

Now, let's get your clientsyellow-construction-hat into their new home.
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The Waterstone Mortgage
Construction Financing Process
Step One
Client gets pre-approved
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Step Two
Builder acceptance
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Step Three
Client submits mortgage application
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Step Four
Mortgage approval:
Application goes through processing and underwriting
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Step Five
Closing
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Step Six
Construction begins
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Step Seven
Final draw request is completed along with a
final inspection, title search, and Certificate of
Occupancy is provided
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Enjoy your Home Sweet Home
Permanent Mortgage Financing Begins
Conventional Loans
  • No- and low-down payment options available (0-5%)
  • Credit score as low as 620
  • Fixed- and adjustable-rate mortgage options available
Government Loans
  • FHA – Down payments as low as 3.5% with flexible credit score requirements
  • VA – Exclusive for veterans, active-duty service members, and some surviving spouses; no down payment required
  • USDA – Exclusive to rural properties as defined by the USDA, no down payment required, flexible credit guidelines
Specialty Loans
  • Jumbo loans – No- and low-down-payment options for loans up to $2.5 million
  • Medical Professional Loan Program – No down payment required for eligible doctors, dentists, and veterinarians
  • Community Heroes – 1% down payment for police officers, firefighters, teachers, EMTs, nurses, CNAs, and employees of schools and law enforcement agencies
  • Community Experts – No down payment required for local accountants, financial analysts, Ph.D.s, architects, certified mortgage bankers, and actuaries
Extended Rate Lock

The rate market can be unpredictable, and your clients may benefit from locking in their interest rate sooner rather than later.

If your client is looking for permanent financing of their newly-built (or soon-to-be-finished) home, we can offer them a long-term rate lock with many of our mortgage loan programs.

  • Up to 480-day rate lock — nearly 16 months — for conforming fixed-rate loans
  • Up to 360-day rate lock for conforming adjustable-rate mortgage (ARM) loans or jumbo loans

A rate lock is not a commitment to lend. An upfront fee may apply and may vary based on lock term. Final approval is subject to a satisfactory appraisal, adequate hazard insurance, satisfactory flood determination, satisfactory review of title, and underwriter’s final review of all information prior to close. Extended rate lock terms are not offered in the following states: DC, IA, MD, ND, NJ, VT, and WA. In MN the loan amount must be at least $100,000. 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.

Interest Rate Float Down

When your client locks in their interest rate with Waterstone Mortgage, they are guaranteed the rate will not go higher – but did you know it could actually decrease?

Depending on market conditions 30 days prior to the start of their permanent financing term:

  • 90- to 270-day locks can decrease to the current 60-day rate lock rate
  • 300- to 480-day locks can decrease to the current 60-day rate lock rate, plus 0.125%

Your clients can contact their loan originator at any point for a complimentary consultation. We can answer any questions they may have and determine if market conditions will allow for a rate decrease.


A rate lock is not a commitment to lend. Final approval is subject to a satisfactory appraisal, adequate hazard insurance, satisfactory flood determination, satisfactory review of title, and underwriter’s final review of all information prior to close. Extended rate lock terms are not offered in the following states: DC, IA, MD, ND, NJ, VT, and WA. In MN the loan amount must be at least $100,000.