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what is an FHA loan?
FHA loans are insured by the Federal Housing Administration, which allows lenders to offer mortgage financing to more homebuyers — ones who may not meet the qualifications of conventional loan programs. Because the governme
Many down payment assistance (DPA) programs are offered on a state-by-state basis. However, the National Homebuyers Fund DPA program can be used with FHA loans nearly nationwide.
This program offers 3.5% in assistance — the exact down payment a
October 14, 2021
Homeowners insurance protects your home, while private mortgage insurance (PMI) protects your mortgage lender from the effects of loan default.
February 01, 2018
Private mortgage insurance is often required for mortgage loans with less than 20% down.
August 20, 2020
Homeowners insurance protects you and your home in the event of an accident.
February 26, 2018
Private mortgage insurance (PMI) is expensive, and if you bought your home with a down payment of less than 20%, your mortgage lender may have required to you pay monthly PMI payments (the same if you refinanced your home with less than 20% equity).
June 12, 2023
When you apply for a mortgage, lenders consider your credit score – which is determined by these five categories.
mortgage loans for veterans and active-duty military
Veterans Affairs (VA) loans provide special financing just for veterans and active-duty members of our military — our small way of saying “thank you.”
VA loans are a special type
May 27, 2020
If your credit score is less than perfect, check out these tips for finding a mortgage loan that suits your needs and improving your score.
February 23, 2024
The first step many people take to build good credit is getting a credit card and paying the full balance with every statement. After a few months of established history, a credit score will populate — and hopefully a pretty good one at that. (
February 16, 2024
Top tips for increasing your credit score.
July 13, 2021
Your DTI ratio compares your monthly debts from bills against your gross monthly income to see how your money is balanced.
what is down payment assistance?
Down payment assistance programs are put in place to help eligible homebuyers provide funds for their down payment on a new home or closing costs. These are often state-specific.
We are proud to offer the Freddie Mac BorrowSmart Access℠ program, helping make homeownership more affordable for eligible homebuyers. With this program, homebuyers can receive up to $3,000 in down payment and/or closing cost assistance.
January 16, 2024
The Federal Home Loan Bank of Chicago’s Downpayment Plus® Program offers $10,000 or 25% of the first mortgage amount in down payment assistance (whichever is less) for eligible homebuyers.
February 02, 2024
Waterstone Mortgage offers a variety of loan options for those with no credit history.
what is an FHA 203(k) loan?
What happens when you find the home of your dreams – or, at least, it has the potential to be the home of your dreams – but it needs some repairs or modernization?
With one loan, you can buy your new house and
achieving your dream of homeownership is possible
The Home Possible® mortgage loan program was designed to bring homeownership within reach to more borrowers. This means you! Tailored specifically to low- and moderate-income homebuyers, Home Poss
accessible home loan financing with HomeReady®
Designed to make home loan financing more accessible, the HomeReady® mortgage loan program provides eligible homebuyers with a variety of ways to achieve their homeownership goals.
Did you kn
November 28, 2023
If you’ve ever been in the market for a new home, you might have heard terms like “conforming limit” or “jumbo loan” thrown around. This might seem like just another regulation or a hoop you have to jump through, but it&
jumbo loans at Waterstone Mortgage
At Waterstone Mortgage, our jumbo home loans make it easier than ever for homebuyers to purchase homes above the conventional conforming loan limit.
With flexible options, program expertise, and superior service, we
November 28, 2023
FHFA announces conforming loan limits for 2024.
what is a conventional loan?
Conventional loans are often referred to as “conforming loans” because they meet the guidelines set by Freddie Mac and Fannie Mae. The most notable guideline is that the maximum loan amount for a single-unit p
February 28, 2019
Odds are, if you have a college degree you have student loan debt that comes along with it. In fact, 70% of college students graduate with student loan debt. One-fourth of all American adults are currently paying off student loans.
That may sound int
As a medical professional, you work hard to keep our community healthy and safe — and that deserves a big “thank you.”
Our doctor loans make it easier for medical professionals to achieve their homeownership dreams by offering no-do
December 25, 2018
Which credit score is used for a mortgage? We’re glad you asked.
It all starts with your FICO score. You may actually have up to three of these – one from each of the major credit bureaus (Equifax, Experian, and Transunion). You might see
