Home Loan Programs

The right loan starts with the right plan.

Every program below is a tool. My job is to help you pick the one that fits your life today and still makes sense ten years from now, and to explain it so clearly you never have to guess.

Find My Best Fit Compare Programs

The programs at a glance

A quick way to see where you might fit. We will confirm the details together.

ProgramMinimum down paymentOften a great fit forWorth knowing
ConventionalAs little as 3% for eligible first-time buyersSolid credit and steady incomeMortgage insurance can be removed as equity grows
FHA3.5%First-time buyers and credit that is still rebuildingMore flexible credit and debt guidelines
VA0% for eligible veterans and service membersThose who have served and their eligible spousesNo monthly mortgage insurance
USDA0% in eligible areasBuyers outside major metro areasProperty location and household income limits apply
Down Payment AssistanceHelp with down payment and closing costsBuyers with income but limited savingsPaired with a first mortgage; guidelines vary by program
PortfolioAs little as 0% on select programsPhysicians, community heroes, and unique filesGuidelines set in-house, not by Fannie or Freddie
Non-QMVaries by programSelf-employed, investors, and unique situationsQualifies you on how you really earn

General guidelines only. Eligibility, down payment and terms depend on your full application, credit, property and program requirements.

Couple sitting on the front steps of their home

Most popular

Conventional Loans

Conventional loans are not backed by a government agency. They follow guidelines set by Fannie Mae and Freddie Mac, and they often offer the strongest rates and terms for borrowers with good credit and steady income.

  • Down payment options from 3% to 20% or more
  • Mortgage insurance that can come off as your equity grows
  • Works for primary homes, second homes and investment property

Best fit: good to excellent credit, manageable monthly debt and reliable income.

See if Conventional fits me
New homeowner holding house keys at the front door

First-time buyer favorite

FHA Loans

FHA loans are insured by the Federal Housing Administration, which makes qualifying easier. They are a strong option for first-time buyers and anyone whose credit is still being rebuilt.

  • As little as 3.5% down
  • More forgiving credit and debt-to-income guidelines
  • Gift funds from family can help with the down payment

Best fit: first-time buyers, smaller down payments and less than perfect credit.

See if FHA fits me
American flag flying in front of a home

For those who served

VA Loans

VA loans are guaranteed by the U.S. Department of Veterans Affairs and are available to most service members, veterans and eligible surviving spouses. They carry some of the best benefits in lending, and you earned every one of them.

  • No down payment required for eligible borrowers
  • No monthly mortgage insurance
  • Benefits can be used more than once

Best fit: active duty, veterans, Guard and Reserve members with eligibility.

See if VA fits me
Rural home in a green mountain pasture

Zero down outside the city

USDA Loans

USDA loans are backed by the U.S. Department of Agriculture for buyers purchasing or refinancing in areas USDA does not consider a major metro. Many towns around the Willamette Valley qualify, and buyers are often surprised.

  • No down payment required in eligible areas
  • Competitive rates and lower mortgage insurance cost
  • Household income limits apply

Best fit: buyers who want room to breathe outside the bigger cities.

See if USDA fits me

Down Payment Help

Little or nothing down

Saving for a down payment is the number one thing that keeps renters renting. VA and USDA loans offer 0% down, and our portfolio programs offer up to 100% financing. For everyone else, there is down payment assistance.

Down Payment Assistance

Grants and second loans that cover some or all of your down payment and closing costs, paired with an FHA or Conventional first mortgage.

  • Help with down payment and closing costs
  • Great for buyers with income but limited savings
  • Income, price and education rules vary by program

See what I qualify for

Portfolio Lending

Loans built in-house for people who deserve a better option

Most mortgages are sold to Fannie Mae, Freddie Mac or a government agency, so they have to follow those rules. Portfolio loans are held by the lender, which means the guidelines can be written around real people and real careers.

Why portfolio lending matters

  • Higher financing, up to 100% on select programs
  • Flexible guidelines that look at your whole picture
  • Terms designed to build equity faster

Build equity faster

100% Financing, 20-Year Term

Buy with no down payment and pay the home off in 20 years instead of 30. You build equity much faster and pay far less interest over the life of the loan.

  • No down payment required
  • 20-year amortization
  • Fits the "first home to retirement home" plan
Ask about this option

Doctors and medical professionals

100% Physician Loans

Built for medical careers, where income is high but student loans are too, and the first years often mean a new contract in a new city.

  • Up to 100% financing
  • Student loan debt reviewed with your career in mind
  • Options for residents, fellows and new hires
Ask about Physician Loans

Those who serve our community

Heroes Home Loans

A thank you to the people who keep our community safe, healthy and learning, including law enforcement, firefighters, EMTs, nurses, teachers, healthcare workers and military.

  • Up to 100% financing
  • Designed for community service careers
  • Purchase and refinance options
Ask about Heroes Home Loans

Portfolio programs are subject to credit approval, eligible professions, property type, loan amount and program availability. Terms may change without notice.

Build, Renovate and Use Your Equity

Loans for every stage of homeownership

Your home is more than a place to live. These options help you build it, improve it, and put its value to work, from first home to retirement home.

Build from the ground up

Construction Loans

Finance the land, the build and your permanent mortgage, often in a single loan with one closing.

  • One-time close options
  • Draws paid as the build progresses
  • Lock your rate before you build
Ask about Construction

Buy and improve in one loan

Renovation Loans

Roll the cost of repairs and upgrades into your purchase or refinance through FHA 203(k), Fannie Mae HomeStyle and VA renovation options.

  • Based on the after-improved value
  • Great for fixer-uppers
  • Purchase or refinance
Ask about Renovation

Tap your equity, keep your rate

HELOCs

A home equity line of credit lets you borrow against your equity while keeping the low rate on your first mortgage.

  • Draw only what you need
  • Remodels, debt payoff and big expenses
  • Your first mortgage stays in place
Ask about a HELOC

Homeowners 62 and older

Reverse Mortgage (HECM)

Use your home equity in retirement, with the option to make a monthly mortgage payment or not.

  • Stay in the home you love
  • Purchase and refinance options
  • FHA-insured program
Learn more about HECMs

Construction, renovation and HELOC programs are subject to credit approval, property eligibility, contractor review and program guidelines. HELOC rates are variable.

Non-QM Loans

For those who do not fit in the box

Traditional loans are built around a W-2 and a tax return. Plenty of good borrowers do not look like that on paper. Non-QM programs qualify you on how you actually earn and what you actually own.

Self-employed

Bank Statement Loans

Qualify using 12 or 24 months of business or personal bank deposits instead of tax returns that show write-offs.

1099 and business owners

1099 and P&L Loans

Contractors and owners can qualify using 1099 income or a profit and loss statement.

Real estate investors

DSCR Investor Loans

Qualify based on the property's rental income instead of your personal income. Built for growing a portfolio.

Retirees and asset-rich

Asset-Based Loans

Use savings, investment or retirement accounts to qualify when your income does not tell the whole story.

Recent credit event

Fresh Start Options

Programs that may allow shorter waiting periods after a bankruptcy, foreclosure or short sale.

Salaried, simpler paperwork

Written VOE Loans

Qualify with a written verification of employment from your employer, with no tax returns or pay stubs required.

ITIN and foreign national

ITIN and Foreign National

Options for borrowers with an ITIN instead of a Social Security number, and for buyers who live outside the U.S.

Investors

Fix and Flip and Bridge Loans

Short-term financing to buy, renovate, or buy your next property before the current one sells.

Higher price points

Jumbo and Interest-Only

Flexible options for larger loan amounts and borrowers who want more control over cash flow.

Self-employed woman working on her laptop in a home office

The straight answer on Non-QM

These loans open doors, and they come with tradeoffs. I will show you both sides side by side, and if a traditional program can work for you now or in the near future, I will tell you that too.

  • Rates are typically higher than conventional loans
  • Larger down payments are often required
  • Many borrowers use Non-QM now and refinance later
Talk Through My Situation

More ways we help

Specialized guidance for specific life moments.

Mortgage-Free Faster

Strategies to pay off your home years sooner and save on interest.

Learn more

Buy Before You Sell

Move into your next home before your current one is sold.

Learn more

Life After Bankruptcy

The real timeline back to homeownership, step by step.

Learn more
Walt Schulz
Walt Schulz The Schulz Team, Waterstone Mortgage NMLS #291601

Not sure which program fits?

That is exactly what I am here for. Share a few details and I will come back with a clear recommendation, in plain English, with no pressure.

  • The one or two programs that fit you best
  • What your payment and cash to close could look like
  • What to do next, whether that is now or a year from now

Prefer to talk? Call or text (503) 551-8826

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(503) 551-8826

3040 Commercial St SE, Ste 200 Salem, OR. 97302

Copyright 2026. All rights reserved. Walt Schulz NMLS #291601 | Equal Housing Opportunity | Equal Housing Lender

Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDQ: WSBF).

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