UWM rolls out 1% down-payment program

by Ryan Smith14 Jul 2016
 
One of the nation’s top wholesale lenders is rolling out a program that will allow borrowers to purchase homes with as little as 1% down.

United Wholesale Mortgage is one of the first wholesale lenders in the country to offer a conventional 1% down program to brokers. UWM will provide a 2% lender-paid down payment for eligible buyers, giving them a 3% equity boost at closing.

“The 1% down program we’re introducing is a new alternative to the 3% down programs that already exist,” said Mat Ishbia, UWM president and CEO. “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 1% 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.”

The program is available in all 50 states. To qualify, homebuyers must have a minimum FICO score of 700 and a maximum debt-to-income ratio of 43%.
 

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?