Enjoy access to a free NMLS renewal class when you attend an in-person event.
United Wholesale Mortgage (UWM) has announced that it has launched a product which offers conventional financing on up to 97 percent loan to value (LTV). With Fannie Mae’s newly released version of Desktop Underwriter 9.2 (DU), UWM was able to reintroduce standard conventional and MyCommunity Mortgage financing up to 97 percent LTV for first-time homebuyers with a DU approval.
This program is significant because it opens up new business opportunities for both real estate agents and originators. Real estate agents will be able to help a broader range of perspective buyers and originators can offer their clients lower downpayments and lower monthly payments. It also gives borrowers that are traditionally forced into government loans the opportunity to obtain conventional financing.
“Immediately after Fannie Mae released version 9.2 of DU, we had the opportunity to reintroduce this program given Fannie’s changes, and we’re the first wholesale lender in the country to make it available,” said Mat Ishbia, president and CEO of UWM. “We always strive to give our partners a competitive advantage. Being first to market allows UWM’s partners to get many consumers into loans that are more affordable. Our robust technology and extensive training, in part, enables us to turn on a dime and continually expand our product offerings.”
UWM’s partners can already access the program by logging into its loan portal, EASE, to gain approvals. The program can also be accessed by UWM’s UMobile application for Apple and Android Devices.
Program highlights include:
►Instant MI available up to 97 percent
►Gift funds eligible for downpayment and reserves
►Available on purchase and rate/term refinance transactions
►Standard conventional and MyCommunity Mortgage options
►At least one borrower must be a first-time homebuyer
►No homebuyer counseling required for standard 97 percent conventional
►One-unit properties only