UWM Launches Conventional 1% Down Program

Posted by Patrick Barnard on July 15, 2016 No Comments
Categories : Recent

United Wholesale Mortgage (UWM) has launched a new program enabling consumers to purchase homes with as little as 1% down.

The company claims it is one of the first wholesale lenders in the U.S. offering a 1% down-payment option in the form of a conventional loan, as opposed to a government-backed mortgage. UWM will provide eligible homebuyers with a 2% lender-paid down payment that gives consumers a 3% 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,” explains Mat Ishbia, president and CEO of UWM, in a release. “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.”

The 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%.

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