United Wholesale One of First to Offer HomeReady Program

United Wholesale Mortgage (UWM) has led the market with Fannie Mae’s HomeReady program since its launch on Dec. 12, making it available to its network of independent mortgage brokers.

“We are continually looking for new products and services to maximize our broker partners’ business,” said Mat Ishbia, president and CEO of UWM. “HomeReady really gives our brokers the ability to provide the lowest mortgage payment for their borrowers.”

HomeReady is a conventional loan program introduced by Fannie Mae that allows downpayments as low as three percent, and with no Fannie Mae price adjustments for LTV over 80 percent with FICO scores above 680. This innovative lending option will help qualified borrowers with lower and moderate incomes obtain a mortgage that is more affordable and sustainable.

“The HomeReady mortgage allows us to offer an unbeatable competitive advantage for buyers with a low down payment and decent credit scores,” said Anthony Bird, owner of Riverbank Finance, a partner of UWM. “Combining this program with lender paid mortgage insurance blows away the competition with lower payments and lower costs.”

Highlights of HomeReady include: No Fannie Mae adjustments on all loans greater than 80 percent LTV with 680 FICOs and above, including high-balance loans; not limited to first-time homebuyers; available for non-Fannie Mae rate/term refinances up to 95 percent LTV; relaxed AMI income limits based on census tracts; and non-occupant co-borrowers are permitted up to 95 percent LTV.