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Select Smart

 

Select Smart loan program

With many conventional mortgage loans, you need a 20% down payment to avoid paying mortgage insurance. But this doesn't have to be the case! Experience the best of both worlds – don’t pay mortgage insurance or a large down payment – with the Select Smart program.

 

3% Down Payment:

The 3% down payment option is available for first-time homebuyers, Fannie Mae refinances, or for borrowers that meet HomeReady® requirements.* A 5% minimum down payment is required for all others.

  • 620 minimum FICO required

  • 1-2 unit primary residence

  • Maximum debt-to-income (DTI) is 50%

  • No mortgage insurance


Other Options:

  • Second home purchase - 10% down payment

  • Investment home purchase - 15% down payment with 680 minimum FICO required


To compare home loans and find the perfect one for your needs, find a local loan originator.

*HomeReady® has income restrictions and requires homeownership education. Geographical restrictions apply. Contact your loan originator to learn more.
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Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF) .
Copyright Waterstone Mortgage Corporation. All Rights Reserved.

 
Privacy Policy | Disclosures & Licenses | General Disclaimer | Cyber Threats and Information Security
NMLS Consumer Access | Foreclosure Avoidance Programs | Credit Granting Criteria

ABOUT US    |   CAREERS

 

Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF) .
Copyright Waterstone Mortgage Corporation. All Rights Reserved.

 
Privacy Policy | Disclosures & Licenses | General Disclaimer | Cyber Threats and Information Security
NMLS Consumer Access | Foreclosure Avoidance Programs | Credit Granting Criteria