United Wholesale Mortgage (UWM) is now one of the first wholesale mortgage lenders in the country to offer a conventional 1% down program to mortgage brokers. UWM will provide eligible homebuyers with a 2% lender-paid down payment that gives consumers 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, 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 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.”
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%. UWM 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.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.