United Wholesale rolls out its 1% down program

This is scary…

United Wholesale Mortgage just announced a new program enabling borrowers to purchase homes with a 1% down payment.

The company provides eligible homebuyers with a 2% lender-paid down payment that gives consumers a 3% equity at closing.

“The 1% down program we’re introducing is a new alternative to the 3% down programs that already exist,” UWM President and CEO Mat Ishbia said. “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,” Ishbia said.

Read on.

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