Indeed, United Wholesale Mortgage (UWM) last week unveiled its Conventional 1% Down product that will enable homebuyers to purchase a home with a down payment of just 1%. “We are bringing back the Conventional 1% Down to give independent mortgage brokers a competitive edge with borrowers and real estate agents, while also helping make homeownership more affordable and accessible for borrowers across the country,” Mat Ishbia, president and CEO of UWM, said in a statement. “We’re going to continue developing products and solutions that will help get more borrowers into homes faster, easier and cheaper and Conventional 1% Down is a great example of how we’re doing that.”
Ishbia described the goal of the product to allow more homebuyers to reach their minimum down payment faster and easier, with UWM providing the additional funds for borrowers to achieve 3% equity on day one. The limited offer is available for homebuyers who have an income at or below 50% of the area median income and a 97% LTV (loan-to-value).
“Particularly in the wholesale channel when markets track like they have been, this is when our channel can flourish and grow,” James said. “That’s why you’re seeing – they call it the ‘great migration’ to the broker channel – so many retail loan officers move over to the broker space.”
James seems to have that “flourish and grow” part down. After speaking to MPA, he resumed prepping the new headquarters – with 2,500-plus square feet of office space and another 3,000 square feet reserved for community events focused on financial literacy and mortgages – to be opened by his firm’s second anniversary in June. Clearly, there will be ample space to accommodate those bolstered mortgage applications come summer.
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