Did you know eligible homebuyers can get a mortgage with no down payment? If your mind is blown right now, you're not alone.
Many homebuyers are discovering Waterstone Mortgage's own Wealth Building Loan is an ideal option for their mortgage needs. With no down payment required, and the opportunity to build equity quickly, the Wealth Building Loan is a winning option for many homebuyers.
Designed to help savvy borrowers build equity in their home faster, the Wealth Building Loan is unique to Waterstone Mortgage, requires no down payment, and offers eligible borrowers a 7-1 Adjustable Rate Mortgage with a 20-year amortization.
Eliminates monthly mortgage insurance payments nearly four years sooner than a 30-year conventional loan with a 3% down payment
Single premium mortgage insurance (MI) can lower your monthly payment. Homebuyers can lower their monthly mortgage payment by financing their MI premium in the loan amount, up to 103% loan-to-value*
Helps homebuyers build equity quickly by applying more of their payment to principal and less to interest each month
Occupancy: Primary residence, owner occupied
Property type: 1-unit residences, condominiums
Maximum loan amount: $650,000 (except in certain FHFA High Cost Areas)
Loan type: 7-1 Adjustable Rate Mortgage with a 20-year amortization