Available Loan Programs

 

At Waterstone Mortgage, we provide clarity and guidance throughout the loan process. We offer a full suite of lending products because we recognize the importance of having the right loan program for every situation.

Scroll through the list below to learn more about each loan program.

 

Conventional Loans (Fixed- and Adjustable Rate Mortgages)

At Waterstone Mortgage, we offer a variety of Conventional Loan programs to meet your needs. Let us help you achieve your dreams of home ownership with a purchase or refinance.

  • Choose the program that’s right for you
  • Fast, local service
  • Quick turnaround times
  • Competitive rates

 

FHA 203(k) Streamline Loans

FHA 203(k) Streamline loans are an affordable financial tool you can use to buy AND fix up your home. With a 203(k) Streamline Loan, you may be able to purchase a property and bundle the cost of repairs, upgrades and other improvements all into one FHA loan.

  • Low down payments
  • Some fees may be financed
  • One loan with one closing
  • Mortgage amount based on after-improved value

An FHA 203(k) Streamline Loan is a government-sponsored loan subject to certain qualifications and restrictions. A 203(k) Loan Professional will provide you with additional information to help you determine if you qualify. Subject to credit approval and program guidelines.

 

FHA Loans

FHA loans are designed to help first-time homebuyers and seasoned homeowners by providing them with a low down payment option. Plus, it’s now easier than ever to qualify!

  • Down payments as low as 3.5%
  • Your loan is guaranteed by the government
  • Less than perfect credit can apply
  • Energy-efficient mortgages, reverse mortgages, refinances, and renovation loans also available

An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. Subject to credit approval.

 

FHA Streamline Refinances

Let Waterstone Mortgage help make home ownership more affordable with an FHA Streamline refinance loan. FHA Streamline refinances are designed for people who already have FHA mortgages and want to lower their monthly payments.

  • Lower your monthly payments – permanently
  • Home re-appraisal not required to refinance in some cases
  • Decreased mortgage insurance premiums for FHA loans endorsed on or before May 31, 2009

An FHA loan is a government-insured loan subject to certain qualifications and restrictions. FHA provides mortgage insurance on loans made by approved lenders. The cost of mortgage insurance is paid by the homeowner as an up-front amount that is usually financed into the loan amount, as well as an additional amount that is included in the monthly mortgage payment. Subject to credit approval. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal adviser regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

 

First-Time Home Buyer Programs

If you’re a first-time homebuyer, we’ll give you the expert advice you need to help you make your home ownership dreams come true. With new programs and options, it’s easier than you think.

  • Build equity
  • Tax benefits
  • No surprise rent hikes
  • Decorate and landscape the way you want

 

Home Affordable Refinancing Program (HARP)

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance with the Home Affordable Refinance Program (HARP).

  • No limit on maximum loan to value for most mortgages
  • Mortgage insurance not required in some cases
  • Reduction or elimination of some fees

Subject to credit approval. To be HARP eligible, your mortgage must have been sold to FNMA or FHLMC prior to May 31, 2009, be current on payments, and must meet other program requirements. Interest on the portion of a HARP refinance that exceeds the original purchase price of the home plus the cost (if applicable) of any substantial home improvements that have been made is not tax deductible for Federal income tax purposes. You should consult a tax adviser for further information regarding the deductibility of interest and charges. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal advisor regarding the loss of any of the benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

 

Interest-Only Loans

At Waterstone Mortgage, we offer a variety of mortgage loan programs to meet your needs, including interest-only options. Contact us today to learn more about interest-only loans!

 

Investment Property Financing

If you’re a real estate investor, we can help you take advantage of opportunities in today’s market with financing for up to 4 properties. With our low interest rates and lending fees, we’ll ensure that you’re maximizing your potential profit.

  • Finance up to 85% loan to value for 1 property
  • Finance up to 75% loan to value for 2-4 properties
  • A variety of loan programs available to meet your needs

Subject to current secondary market and loan investor requirements which can change at any time without notice.

 

Jumbo Loans 

Jumbo loans make it easier than ever for borrowers who dream big to own big. Let us help you achieve your dreams with reasonable terms and low rates.

  • Financing options up to $2.5 million
  • Interest-only option available for some ARMs

Subject to current secondary market and loan investor requirements which can change at any time without notice.

Loans for “Less Than Perfect” Credit

We offer a variety of mortgage loan programs to meet your needs, including programs for people with “less than perfect” credit.

Mortgage Planning

Make the jump to home ownership! We’ve created a Path2Buy program to get you on the road to meeting your home buying goals. It works for renters looking to buy their own home, or current owners looking to move up, buy an investment property, or refinance their current property. Contact us today to get on the Path 2Buy!

Path2Buy coaches may provide financial guidance, but this in no way constitutes legal advice or credit counseling. The Path2Buy system is not an application for credit. If at any time you wish to proceed to an application for credit, you must complete an application in accordance with regular Waterstone Mortage procedures.

 

New Home Purchases

Are you ready to buy a new home? We offer a variety of home loan programs to meet your needs. From conventional loans to government loans to specialty products, we’ll help you find the program that’s right for you.

  • Choose the program that’s right for you
  • Fast, local service
  • Quick turnaround times
  • Competitive rates

 

Purchasing after Bankruptcy, Foreclosure or Short Sale

A bankruptcy, foreclosure, or short sale doesn’t mean that you’ll never be able to own a home again. We offer a Path2Buy program to work with you on your credit and finances so that when the required “waiting period” has passed, you’ll be ready to buy a new home. Contact us to get started today!

 

Refinances

Mortgage interest rates are at historic lows, making now the perfect time to look into refinancing your home with Waterstone Mortgage.

  • Increase your savings or cash flow
  • Shorten the length of your mortgage
  • Consolidate your first and second mortgage
  • Use your equity for extra cash

If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal adviser regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

USDA / Rural Development Loans

USDA loans are designed to encourage rural land development and growth in rural areas. They were long thought of as just for farmers, but the program has recently been expanded, giving many people looking to purchase or refinance in a rural area access to the incredible benefits offered by these loans.

  • 100% financing option 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

A USDA Loan is a government-insured loan subject to certain qualifications and restrictions. USDA guarantee fee and annual fees apply. A Mortgage Loan Professional will provide you with additional information to help you determine if you qualify. Subject to credit approval and program guidelines.

VA Loans

Insured by the Veteran Affairs Department, VA Loans allow eligible veterans to realize their home buying dreams, and help existing VA homeowners with money-saving refinance options.

  • 100% financing options available
  • No private mortage insurance requirements
  • No prepayment penalty
  • Less than perfect credit can apply

Subject to credit approval. A VA loan is a government-insured loan subject to certain qualifications and restrictions. A VA funding fee is typically required, which can be financed into the loan amount. If you are a servicemember on active duty, prior to seeking a refinance of your existing loan, consult your legal adviser regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

Wealth Building Loan

  • Build wealth faster
  • Pay less interest
  • No down payment required
  • Competitive rates
  • Eliminate mortgage insurance earlier in life of the loan

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. All loan requests are subject to credit approval as well as specific program requirements and guidelines.

 

HomeReady™ Loan Program

Designed to make home loan financing more accessible, the HomeReady™ program provides eligible homebuyers with a variety of benefits:

  • Low Down Payment Options. Up to 97% of your mortgage can be financed.
  • No Minimum Borrower Contributions. This allows you to use grants, monetary gifts, and more for your down payment and closing funds.
  • No First-Time Homebuyer Requirement. Even if you’ve owned a home in the past, you may still qualify.
  • Income Limits. No limits for properties in low income census tracts, 100% of average median income (AMI) in high minority census tracts and 80% of AMI in all other properties.
  • Non-borrower household income. This may help you qualify.

All loan requests are subject to credit approval as well as specific program requirements and guidelines.