PONTIAC, Mich.--(BUSINESS WIRE)--United Wholesale Mortgage (UWM), the #1 overall mortgage lender in America, announced today at UWM LIVE!, the largest mortgage broker event of the year, 0% Down Purchase, a program aimed to help more borrowers become homeowners without an upfront down payment.
This UWM-exclusive program allows qualified borrowers to receive a 3% down payment assistance loan up to $15,000 from UWM. This loan will not accrue interest and will not require a monthly payment.
“UWM’s 0% Down Purchase program is going to change the game this purchase season,” said Mat Ishbia, president and CEO at UWM. “No other wholesale lender in the country is offering this, meaning independent mortgage brokers now have a significant advantage with consumers and real estate agents. Thousands of borrowers are sitting on the sidelines because they don’t have a downpayment – this program removes that barrier.”
To be eligible for this product, borrowers must be at or below 80% of the Area Median Income for the address of the property they are buying or one borrower is a first-time homebuyer. The qualifying borrower will then be given a 3% down payment assistance loan, up to $15,000, in the form of a second lien loan.
Borrowers will also have the flexibility to choose when and how often they want to make payments on the second lien loan, which must be paid in full by the end of the loan term, or if the first lien loan is paid off.
Additional details on this exclusive offering can be found here.
UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM, 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 9 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.
