UWM Now Offering Freddie Mac’s Home Possible Mortgage Program

Posted by Patrick Barnard on March 25, 2015 No Comments
Categories : Residential Mortgage

United Wholesale Mortgage (UWM) is now offering Freddie Mac's new Home Possible Mortgage program, which enables qualified first-time home buyers and lower-income borrowers to purchase homes with only a 3% down payment.

In addition, the program allows homeowners to refinance up to 97% loan-to-value, regardless of their existing loan type.

‘Freddie's Home Possible program opens up a lot of possibilities for borrowers, real estate agents and originators when it comes to home financing needs,’ says Mat Ishbia, president and CEO of UWM, in a release. ‘It allows our brokers and correspondents to reach more borrowers who are now eligible to refinance or purchase a new home.’

UWM says the program offers first-time home buyers a ‘better alternative’ than Federal Housing Administration (FHA) financing.

Another major advantage of Freddie Mac's new program is that it combines lower mortgage insurance premiums with loan-level price adjustment caps to minimize monthly payments.

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