UWM Eliminates Mortgage Insurance With MI Buster

United Wholesale Mortgage (UWM) announced the launch of the MI Buster, an exclusive product that eliminates mortgage insurance (MI) for borrowers who put as little as 10.01% down.

Traditionally, borrowers had put at least 20% down on their home to eliminate MI, but with MI Buster, they can put down less and not have to pay for mortgage insurance. The product is available for conventional purchase loans starting at $200,000 and high balance loans with an LTV of 80.01 and 89.99.

UWM’s exclusive purchase product provides a significant advantage to independent mortgage brokers, allowing their borrowers to save significantly on their monthly payments. Now that mortgage rates are rising, the elimination of MI can help borrowers and first-time-buyers afford better homes with more manageable monthly payments. 

“As rates tick up, and we shift to a purchase market, UWM continues to offer innovative solutions to help borrowers get into their dream homes,” said Mat Ishbia, president and CEO of UWM. “MI Buster allows independent mortgage brokers to put the purchase power back in borrowers hands. By avoiding mortgage insurance with less money down, borrowers can now decide if they want to use those savings to purchase more home, have a lower monthly payment or maybe both.”

UWM is laser-focused on giving mortgage brokers a competitive advantage in the industry, and this product is the company’s latest advancement following Prime Jumbo ARMS, Appraisal Direct and BOLT.