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FHA Purchase and Refi

A low down payment government loan is ideal for borrowers who may not otherwise qualify for a mortgage.

These government-backed loans offer a very low down payment, even for borrowers with less-than-perfect credit. If you can’t qualify for a conventional loan, a Low Down Payment Government Loan may be for you.

  • Low down payment
  • Flexible credit review
  • Fixed or adjustable rate
  • Limited closing costs; seller can help pay closing costs
  • No prepayment penalty

The Federal Housing Administration has also made it easy to refinance an FHA loan.

  • Limited credit or income documentation required to qualify
  • Limited employment documentation required
  • No property appraisal required
Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
Rated five stars by our amazing customers

Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everythin…

Adam Merrill

We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refi…

Angie Hoxie

Laura was great to work with! She took the time to answer all my questions, kept me updated on the process, and helped to mak…

Amanda Hardman

I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by…

Jeff Burbine

My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, wh…

Erin Patnode

We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our cont…

Jeremy Kirkpatrick

I have worked with Blue Water twice now. They set the bar for excellence and professionalism. They communicate clearly about …

Jessica Felizardo

Working with Blue Water Mortgage Corp was a great experience. My wife and I could not be happier with the process. We felt li…

Richard Genest

I highly recommend Blue Water Mortgage! I sought to work with them because they have a reputation of being very patient and t…

Michele Cota

They were wonderful to work with. I highly recommend them. Not only were they able to get me the best/lowest rate easily but …

Nathaniel Toutenel

Excellent experience. Roger and his team work unbelievably hard to get the job done. Always available and happy to explain/ad…

Silas Laycock

As a first time home buyer, I had no idea where to begin with the mortgage process. Our realtor referred us to Blue Water to …

Steph Cormier

Blue Water Mortgage has a team of people behind the scenes that most us never see. I was fortunate enough to meet several of …

Tom Carroll

It’s hard to know who to trust in this day and age, but I would highly recommend Blue Water Mortgage to anyone! Their g…

Scott Welty

Blue Water Mortgage is fantastic! We just recently refinanced with them again, and it was smooth sailing. We contacted them a…

Sarah Natt

Frequently Asked Questions

Can we roll closing costs into the loan on a purchase?
Do I have to pay mortgage insurance for the life of the loan?
Do I have to provide cancelled rent checks if I’m a first time home buyer?

The Mortgage Process

Blue Water’s mortgage loan process timeline involves a series of five steps, some of which require sitting down with one of our experts to analyze all aspects of your financial health. Here’s what you can expect:
Getting to Know You & Getting On Track
In our first meeting, we’ll answer your questions and talk about the programs we offer that would best fit your situation.
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Getting Pre-Qualified
The next step in the mortgage loan process is applying for pre-qualification, which enables us to confidentially verify your credit, income, assets, and liabilities.
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Assessing Loan Programs & Rates
At this point, we’ll start to sort through and evaluate which mortgage best fits your needs.
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Obtaining Loan Approval
Once you’ve submitted your loan application, we’ll work with our lenders to help find you the best rate and most favorable terms possible.
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Closing the Loan
After your loan is approved, we’ll review the details once more to make sure you feel confident about the financial commitment you are about to make. Once all of your questions are answered, we will schedule a closing.
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Home Loan Resources

eBook

This eBook will take you through each step of the mortgage process

Get the Guide
10 Questions to Ask When Buying a Home
eBook

This ebook will help you better understand the home buying process so you can make a more informed buying decision.

Get the eBook
Checklist

Gathering the documents in this checklist will help speed up the application process.

Get the Checklist

Please be advised that your actual rate, payment, and cost could be higher. Get an official Loan Estimate before choosing a loan. This estimate is provided for informational purposes ONLY, to assist you in determining an estimate of cash that may be required to close and an estimate of your proposed monthly mortgage payment. Actual charges may be more or less, and your transaction may not involve a fee for every item listed.

Rate and APR based on the following assumptions: Purchase Price of $250,000, loan amount of $200,000, 80% loan to value, 740 credit score, single family property, primary residence, escrowing taxes and insurance, debt ratio within program guidelines.