United Wholesale Mortgage Launches New One Percent Downpayment Program
Subscribe

United Wholesale Mortgage Launches New One Percent Downpayment Program

July 13, 2016
United Wholesale Mortgage (UWM) has announced the launch of a new program enabling consumers to purchase homes with as little as one percent down, making UWM one of the first wholesale mortgage lenders in the country to offer a conventional one percent do

United Wholesale Mortgage (UWM) has announced the launch of a new program enabling consumers to purchase homes with as little as one percent down, making UWM one of the first wholesale mortgage lenders in the country to offer a conventional one percent down program to mortgage brokers. UWM will provide eligible homebuyers with a two percent lender-paid downpayment that gives consumers a three percent equity boost at closing.

“The one percent down program we’re introducing is a new alternative to the three percent down programs that already exist,” said Mat Ishbia, president and CEO of United Wholesale Mortgage. “It’s a conventional loan that is designed for people with a strong credit payment history who want to keep as much money in their wallet as possible when buying a home. By introducing this conventional one percent down program to the wholesale space, we’re equipping mortgage brokers with a distinct competitive advantage in the market and a new way to help borrowers realize homeownership.”

This UWM program is available to homebuyers in all 50 states with a minimum FICO score of 700 and a maximum debt-to-income ratio of 43 percent. UWM is one of the first wholesale lenders in the U.S. offering a one percent downpayment option in the form of a conventional loan, as opposed to a government-backed mortgage.

Originations