Waterstone Mortgage Review

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Waterstone Mortgage Corporation, founded in 2000, offers its customers a high-quality borrowing experience with an emphasis on technology and maintaining ethical purchase transactions. Because of the company’s commitment to enhancing and streamlining every customer’s experience, Waterstone Mortgage has earned several accolades over the years, including becoming a three-time Ellie Mae Hall of Fame Winner, a Top Mortgage Lender by the Scotsman Guide, and one of the Top 100 Mortgage Companies in America.

Whether you’re a first-time homebuyer, ready to build, or interested in refinancing a property, Waterstone Mortgage offers a wide variety of loan programs for every type of borrower.

Waterstone Mortgage purchase loans

While buying a home is an exciting experience for everyone, purchase loans are certainly not “one size fits all.” Every borrower has unique financial needs, which is why Waterstone Mortgage offers almost 20 different loan types for homebuyers. Here are Waterstone’s 6 most commonly borrowed homebuyer loans:

Conventional Loans

More than half of all mortgage loans on the market are a type of conventional loan (https://www.waterstonemortgage.com/Loan-Products/Purchase/Conventional-Loans), making them one of the most sought out by potential homebuyers. You can purchase a primary, secondary, or rental property with a conventional loan with as low as a 3% down payment on Waterstone Mortgage’s conventional loan options. Conventional loans allow borrowers to choose from fixed, adjustable, or loan-term options.

FHA Loans

Federal Housing Administration (FHA) loans feature low down payments and flexible credit requirements, making this a great option for potential homebuyers on a strict budget. Down payments are as low as 3.5% on Waterstone Mortgage FHA loans and require a FICO as low as 585.

USDA Loans

If you live in a rural area, you may be eligible for a USDA loan. This loan type is a 30-year mortgage with an interest rate determined by Waterstone Mortgage based on your financial situation.

VA Loans

VA loans are specifically designed and offered to active military members and veterans. Their interest rates are typically better than conventional loans. Loan benefits include an available no down payment option and a FICO as low as 600.

Wealth Buiding Loan

This loan type is unique to Waterstone Mortgage and helps borrowers build equity in their homes. One of the biggest benefits of the Wealth Building Loan is that no down payment is required. Waterstone offers borrowers a 7-1 Adjustable Rate Mortgage with a 20-year amortization.

Jumbo Loans

If you found your dream home but can’t find a loan large enough to cover the mortgage, Waterstone Mortgage’s jumbo loans may be the solution. Jumbo loans offer more financing than the conforming loan limit, meaning the mortgage amount exceeds $484,350 (https://www.waterstonemortgage.com/Loan-Products/Purchase/Jumbo-Loans). Waterstone Mortgage offers jumbo loans that finance up to $2.5 million with quick turnaround time.

Waterstone Mortgage refinance loans.

If your current mortgage has become too much of a financial strain, or you’re simply looking to budget better in the future, refinance loans replace your existing loan with a new one that reduces monthly payments.

Conventional Refinance

Conventional refinance loans aren’t insured by the FHA and allow borrowers to refinance a primary, secondary, or rental property. This loan type offers flexible rates and loan-term options from 10-30 years with Waterstone Mortgage like conventional loans.

FHA Streamline Refinance

If you already have an FHA mortgage, FHA streamline refinance mortgages allow you to lower your monthly payments. This mortgage type allows the borrower to use their home’s original purchase price as the value, even if the home’s value has decreased over time.

USDA Refinance

This loan type is specifically for borrowers who already have a USDA loan and are interested in lower their monthly payments.

VA Refinance

If you are an active member of the military or a veteran with an existing VA loan, Waterstone Mortgage’s VA Refinance loans can help you lower your monthly mortgage payments.

Jumbo Refinance

If you have a jumbo loan and are considering refinancing your property, this loan type will help you lower your monthly payments. However, borrowers may need high credit scores, lower debt-to-income ratios, and a large down payment to qualify.

Waterstone Mortgage renovate or build loans.

Whether you want to build your dream home from the ground up or have found a home that needs a little TLC before you move in, Waterstone Mortgage’s renovate and build loans will allow you to build your home or make modifications to an already existing home.

FHA 203(k) Loans

If you found your dream home, but it needs some renovations, the FHA 203(k) loan can help cover large projects like remodeling a kitchen or building an additional garage.

Construction Loans

Construction loans allow borrowers to obtain a mortgage under one single loan while their home is under construction, which helps streamline the process and allows you to focus on building your dream home.

HomeStyle Renovation

Waterstone’s HomeStyle Renovation loan allows borrowers to purchase a home plus any renovations that need to be made.

Waterstone Mortgage no and low down payment loans

For borrowers who don’t have a significant down payment saved but would otherwise be eligible for financing, Waterstone Mortgage offers several zero and low down payment options (https://www.waterstonemortgage.com/Loan-Products/No-and-Low-Down-Payment) to help borrowers achieve homeownership.

Waterstone Mortgage’s other loan options

Select Smart

This loan type helps first-time homebuyers avoid the 20% down payment that most conventional mortgage loans require to avoid paying mortgage insurance.

Select Smart Plus

This is a first and second mortgage loan program that requires no money down and helps keep monthly payments low.

Community Heroes

If you are a police officer, firefighter, EMT, teacher, paramedic, nurse, or CNA, you may be eligible for Waterstone Mortgage’s Community Heroes loan.

Community Experts

If you are an accountant, architect, Ph.D., financial analyst, or actuary, you may be eligible for Waterstone’s Community Experts loan.

Condominium Loans

The condo buying process is unique, and in comparison to buying a home, which is why Waterstone Mortgage offers a variety of condominium loans to meet the needs of potential buyers.

Medical Professional Programs

If you’re a medical professional that’s ready to buy a home, but you can’t find a loan program that meets your needs, you may qualify for this loan type.

HomePossible Loans

The HomePossible loan program is specifically tailored towards renters with low-to-moderate incomes ready to purchase their first home.

Investment Property Loans

If you’re a real estate investor with more than 4 financed properties, you may be eligible for this loan type.

Manufactured Housing Loans

For borrowers interested in buying a manufactured mobile home, this loan program is specifically tailored to meet your financial needs.

Cabin or Vacation Home Loans

If you’re interested in financing a vacation home, second home, or three-season cabin, this loan program may be right for you.

HomeReady Loans

This loan type was designed to make home financing more accessible to borrowers and offers low down-payment options, with the potential of up to 97% of a borrower’s mortgage being financed.

Non-Traditional Credit Program

This loan type makes potential borrowers with no credit history eligible for homeownership. as long as the individual has other indicators of payment history like a cell phone bill, car payment, rent, and utilities.

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