The article, “UWM Revives Its Conventional 1 down Mortgage Loan Program” discusses the recent decision by United Wholesale Mortgage (UWM) to revive their Conventional 1 down Mortgage Loan Program. UWM’s program permits borrowers to put 1% down on a mortgage loan instead of the standard 5% to 20% down payment. Through this program, they are aiming to increase access to financing and home ownership.
UWM works with mortgage brokers and lenders throughout the United States. The company is one of the fastest growing mortgage lenders in the country. The success of their program led to the decision to go ahead and launch the 1 down mortgage loan program. UWM’s President and CEO, Mat Ishbia, noted that this move is an answer to the growing demand for innovative solutions to assist in making homeownership an attainable goal for more people.
The 1 down mortgage loan program has several advantages over the standard 5% to 20% down payment. One of the main benefits is that it allows borrowers to get into a home with less money upfront. Another great benefit is that borrowers who put 1% down may be eligible for discounts on their interest rate. This program could also save borrowers thousands of dollars in mortgage insurance costs over the lifetime of their loan.
The Conventional 1 down Mortgage Loan Program is UWM’s way of meeting the demands of the current market. By making home buying more attainable and financially beneficial for borrowers, UWM is helping to expand access to home ownership. This program has the potential to open the door for many potential buyers who would otherwise not be able to afford a traditional down payment.
You can read this full article at: https://www.housingwire.com/articles/uwm-revives-its-conventional-1-down-mortgage-loan-program/(subscription required)
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