United Wholesale Mortgage (UWM) (NYSE: UWMC) is now offering the 0% Down Purchase program, which is designed to eliminate the need for an upfront down payment.
According to the company, qualified borrowers can receive a 3% down payment assistance loan up to $15,000 from UWM. The loan will not accrue interest and will not require a monthly payment. Eligible 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 can 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.
“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 down payment – this program removes that barrier.”
Photo: ipopba / iStock
;
How long does a buyer need to be out of a BK 7 to qualify?