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.