Skip to main content

UWM Announces the Launch of Freddie Mac’s Home Possible Program

Mar 25, 2015
United Wholesale Mortgage (UWM) has announced the availability of Freddie Mac’s new Home Possible Mortgage program

United Wholesale Mortgage (UWM) has announced the availability of Freddie Mac’s new Home Possible Mortgage program, which enables first-time homebuyers and low- to moderate-income borrowers to achieve homeownership with only a three percent downpayment. The program allows homeowners the ability to refinance up to 97 percent loan-to-value, regardless of their existing loan type.  Likewise, borrowers are able to purchase a home with as little as 3 percent down, even if they aren’t first-time home buyers. There are also no income limits for those borrowers in underserved areas.

“Freddie’s Home Possible program opens up a lot of possibilities for borrowers, real estate agents and originators when it comes to home financing needs,” said Mat Ishbia, president and CEO of UWM. “It allows our brokers and correspondents to reach more borrowers who are now eligible to refinance or purchase a new home.”

Home Possible and Home Possible Advantage are better alternatives than FHA financing for borrowers looking to purchase with a low downpayment or refinance with limited equity.

Home Possible and Home Possible Advantage Highlights:

►Freddie Mac’s conventional alternative to FHA
►Thirty-year fixed rate
Purchase and rate/term refi up to 97 percent
Refinances up to 97 percent LTV, regardless of current mortgage program
One unit, primary home only
Combines lower mortgage insurance factors with LLPA caps to minimize payment

About the author
Published
Mar 25, 2015
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024