Lender Launches 1% Down Program

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.

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“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.”

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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.

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