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Home Loan Options

We are consistently adding new products and features to keep up with the demands of today's changing market. Our team works hard to ensure you have the products and the support you need to grow your business.

Low Down Payment
Refinance
Large Loan Amounts
ARMs
Flexible Qualifying Criteria
Construction
Standard Conventional Loans are great for any borrower! Whether you're a first-time homebuyer, looking to purchase a second home, interested in purchasing an investment property or looking to refinance your current mortgage, Waters Mortgage offers a variety of conventional loan options to fit your needs.

ADVANTAGES

  • Purchase programs with as little as 3% down (owner-occupied)

  • Adjustable Rate Mortgages (ARMs) available with low interest rate and adjusted payment over time

  • Possibility of eliminating mortgage insurance

  • Minimum Credit Score of 620

Waters Mortgage is setting the standard for Non-Agency solutions. Each tier is specifically designed to help meet the nuances of your borrower’s unique needs. Backed by our highly-experienced team, dedicated support and forward-thinking technology, Waters Mortgage is one more way we strive to exceed your expectations.

WATERS MORTGAGE OFFERS

  • A bank statement program to 90% LTV @ $1MM

  • 5% down Jumbo purchase loans with near-prime rates to $1.5MM

  • Asset utilization on purchase loans to 90% LTV @ $1.5MM

  • AUS Express program leverages DU findings for self-employed consumers

  • And more

FHA loans are a great option for borrowers in need of a low down payment option or flexible credit score requirements to purchase or refinance a home. Waters Mortgage offers a variety of FHA options, including the FHA Streamline program, which requires reduced documentation and underwriting compared to switching programs.

ADVANTAGES

  • Down payment as low as 3.5%

  • Fixed Rate Mortgage options available with 10- to 30-year terms

  • Adjustable Rate Mortgages (ARMs) available

  • High Balance available in certain counties

  • Minimum credit score of 580

Veterans and active duty service members can make home ownership a reality through the VA Loan Program. This program has low down payment options for purchase, competitive rates and a streamlined refinance option that reduces documentation needed to close – the VA Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL is a longstanding program to honor veterans, this offering allows for qualifying flexibilities and other options not offered in any other loan program.

ADVANTAGES

  • No down payment

  • No private mortgage insurance

  • Fixed Rate Mortgage options available with 15 to 30 year terms

  • Adjustable Rate Mortgages (ARMs) available

  • Refinance with the VA IRRRL

  • Minimum credit score of 580

If you are looking for a home in a rural area, the USDA Loan Program offers low and moderate income borrowers more affordable housing finance options with little or no down payment or out-of-pocket costs. USDA’s definition of rural is liberal - 97% of properties can qualify for the program.

ADVANTAGES

  • No down payment

  • Only 1 credit score required per borrower

  • Seller can contribute to the borrower’s closing costs

  • Fixed Rate 30 year

  • Minimum 620 credit score

HomeReady® is a new loan program offered by Fannie Mae designed for creditworthy low- to moderate-income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income. This loan program is focused on helping minorities, Millennials, and mixed families on their road to home ownership.

ADVANTAGES

  • Down payment as low as 3% with no minimum borrower contribution

  • Lower private mortgage insurance costs

  • Use income from non-occupant co-borrowers to qualify

  • Down payment sources can include gifts, cash-on-hand, and down payment assistance programs.

  • Income from non-borrowing household members can help you qualify.

  • “Boarder income” (income from a roommate) can help you qualify.

  • Use rental income from a basement apartment or mother-in-law unit.

The Freddie Mac Home Possible loan program is designed for qualified low- and moderate-income borrowers. Through Home Possible, borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for a “no cash out” refinance of an existing mortgage.

ADVANTAGES

  • Down payment as low as 3% down with no minimum borrower contribution

  • Flexible sources of income are allowed, including rental income from boarders and other units in multi-unit properties

  • Potentially reduce interest rate for borrowers with low incomes or for properties in underserved areas

  • No up-front FHA mortgage insurance premium (MIP) and potentially lower ongoing private mortgage insurance (PMI) cost as compared to the ongoing FHA MIP cost

  • Borrower(s) is not required to maintain reserves if buying a single-family property

The Jumbo Choice Loan program is geared toward borrowers looking to finance a loan above the Conventional County Loan Limits – currently $453,100. Jumbo Choice loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.

ADVANTAGES

  • Ability to exceed county loan limits

  • Finance up to $2 million

  • Fixed-rate mortgage options (10- 15- 20- 25- and 30-year) available

  • Adjustable Rate Mortgages (5/1, 7/1, and 10/1) available

  • No mortgage insurance required if your loan to value ratio is greater than 80%

  • Minimum credit score of 661

  • Cash-out up to $500,000

For borrowers with a higher credit score, the Jumbo Select Loan program carries a higher maximum loan amount – up to $2.5 million. Jumbo Choice loans can also be used for a first-time homebuyer, a second home or to refinance an existing property.

ADVANTAGES

  • Ability to exceed county loan limits

  • Finance up to $2.5 million

  • Fixed-rate mortgage options (15- and 30-year) available

  • Adjustable Rate Mortgages (5/1, 7/1 and 10/1) available

  • Minimum credit score of 700

  • Cash-out up to $500,000

This program is for borrowers in select areas looking to purchase or refinance a loan amount above the Conventional County Loan Limit – $453,100 – through a Conventional fixed-rate loan. Borrowers can refinance an existing home, purchase a second home or acquire an investment property that exceeds the county loan limits.

ADVANTAGES

  • Ability to exceed county loan limits in select counties

  • Fixed Rate mortgage options available with 15- and 30-year terms

  • Adjustable Rate Mortgages (ARMs) available

  • Minimum Credit Score of 620

Have your clients found the perfect home – but it needs a little work? A renovation loan program may be an ideal fit. With the FHA 203(k) Standard, FHA 203(k) Limited and HomeStyle® Renovation programs, borrowers can finance both the home as well as needed repairs.

ADVANTAGES

  • Allows funds to purchase home and make repairs

  • Low down payment options

  • FHA 203(k) allows a maximum of $35k for minor repairs

  • Homestyle allows repair costs to be up to 75% of as completed value

  • Minimum credit score of 620

The Home Affordable Refinance Program (HARP) allows borrowers who are current on their mortgage to refinance their home, even if they are underwater due to falling property values. This is a limited time program offered through the Federal government to help homeowners save on their monthly mortgage by refinancing without an appraisal.

ADVANTAGES

  • Fixed Rate mortgage options available with 10- to 30-year terms

  • Adjustable Rate Mortgages (ARMs) available

  • No minimum credit score

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