Enhancements will further expand the loan options for brokers, says CEO
United Wholesale Mortgage, the nation’s largest home lender, has bolstered its jumbo loan product line with six new fixed-rate offerings and an enhanced 1% down payment assistance product.
UWM has rolled out a suite of six fixed-rate jumbo mortgages, which the company said gives brokers the “flexibility to tailor a fixed jumbo loan to each borrower’s situation, helping them get into their homes faster, cheaper and easier.”
“Brokers now have access to more competitive jumbo pricing, along with transparent investor guidelines and loan qualifications, giving them a leg up on big banks and retail lenders,” UWM said in its press release.
The wholesale mortgage lender has also expanded its Conventional 1% Down product, allowing borrowers with less than 80% of the area median income (AMI) to qualify. Eligible borrowers will put down 1% of the loan towards their down payment, and UWM will then pay a 2% grant up to $4,000 for a total down payment of 3%.
“UWM continues to push the industry forward, and today’s updates are huge wins for the broker channel and consumers across the country,” said Mat Ishbia, president and CEO of UWM. “We’ve seen tremendous success with both our previous jumbo products and the initial launch of the Conventional 1% Down program. These enhancements will further expand the loan options independent mortgage brokers have access to and continue to prove that they are the best way for a consumer to get a loan.”
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