"We're giving brokers the opportunity to create their own refinance boom"
United Wholesale Mortgage (UWM) has rolled out a series of new discounted rates for FHA and VA loans, effective until Jan. 31, 2024.
The new rates include 5.749% with 1.5 points, 5.999% with 2 points, and 6.249% with 2.5 points, specifically for its FHA Streamlines and VA Interest Rate Reduction Refinance Loans (IRRRLs) loan programs.
The VA IRRRL program is exclusively available to eligible veterans. It allows them to refinance their existing VA loans to a lower interest rate without the need for an appraisal or income verification.
Similarly, UWM’s FHA Streamline program is aimed at homeowners with existing FHA loans, offering an easier refinance process with fewer documentation requirements.
“We’re giving brokers who work with UWM the opportunity to create their own refinance boom for their FHA and VA borrowers,” UWM head Mat Ishbia said in a media release. “No other lender can match this offering, and with VA IRRRL and FHA Streamline loans being so quick and easy to close, this is the perfect opportunity to help borrowers lower their monthly payment, while also showcasing the elite service an independent mortgage broker can provide through their partnership with UWM.”
This initiative follows UWM’s recent announcement that it would cover appraisal costs on all conventional and government home loans when brokers use its 1-0 temporary rate buydown product.
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