Loan Programs The following is a partial list of programs offered by Waterstone Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 208-429-8897.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Full documentation and fair-to-good credit are necessary.
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. No credit score minimum to qualify, alternative credit can be used.
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Flex 97%
Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 700.
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VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. This program offers 100% financing with no monthly mortgage insurance premiums.
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Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full documentation.
Cash out refinances are available on primary residences only, but Rate/Term Refinances are allowable on Second Homes and Investment Properties. Single family detached, Condo's, and PUD's can be financed with no prepayment penalty.
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