PONTIAC, Mich.--(BUSINESS WIRE)--United Wholesale Mortgage (UWM), the #1 overall mortgage lender in America, announced today Conventional 1% Down, a product that will allow homebuyers to purchase a home with a down payment of only 1 percent contributed by the borrower.
With Conventional 1% down, when a borrower puts 1 percent down, UWM will pay an additional 2 percent, up to $4,000, giving the borrower a total of 3 percent for their down payment.
“We are bringing back the Conventional 1% Down to give independent mortgage brokers a competitive edge with borrowers and real estate agents, while also helping make homeownership more affordable and accessible for borrowers across the country,” said Mat Ishbia, president and CEO of UWM. “We’re going to continue developing products and solutions that will help get more borrowers into homes faster, easier and cheaper and Conventional 1% Down is a great example of how we’re doing that.”
The goal of this product is to allow more homebuyers to reach their minimum down payment faster and easier, with UWM providing the additional funds for borrowers to achieve 3 percent equity on Day One.
This limited offer will be available for homebuyers who have an income at or below 50 percent of the Area Median Income (AMI) and a 97 percent LTV.
This product comes after the launch of One-Time Close New Construction Loans for conventional and VA, along with the company’s Control Your Price program.
UWM supports independent mortgage brokers with industry-leading training, technology and service. Borrowers and real estate agents looking to work with and independent mortgage broker in their local area can visit findamortgagebroker.com. For more information on how to sign up to become a broker in the UWM network, visit uwm.com.
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holding Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for 8 consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.
