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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.