Discover the UWM 0% Down Purchase Program: Your Path to Homeownership
Are you a first-time home buyer dreaming of owning your own home but finding the down payment a major obstacle? You’re not alone. Many potential homeowners are deterred by the initial costs. However, with United Wholesale Mortgage (UWM)’s new 0% Down Purchase Program, your dream of homeownership can become a reality sooner than you think.
What is the UWM 0% Down Purchase Program?
The 0% Down Purchase Program from UWM is an innovative solution designed specifically for first-time home buyers and mortgage seekers looking for no down payment options. This program aims to remove the financial barrier of a down payment, making it easier for qualified borrowers to purchase a home.
Key Features of the UWM 0% Down Purchase Program
- No Down Payment Required: Qualified borrowers receive a 3% down payment assistance loan up to $15,000, with no interest and no monthly payments required.
- Flexible Repayment Options: Borrowers have the flexibility to choose when and how often they want to make payments on the second lien loan, provided it is paid in full by the end of the loan term or when the first lien loan is paid off.
- Exclusive Benefit: This UWM-exclusive program provides a significant advantage to independent mortgage brokers, giving them a unique offering that can attract more consumers and real estate agents
How Does It Work?
Qualified borrowers under the UWM 0% Down Purchase Program receive a 3% down payment assistance loan, up to $15,000, in the form of a second lien loan. This means you can get into your new home with no down payment, making it a perfect option for no down payment first-time home buyers who meet the eligibility criteria.
To be eligible, borrowers must:
- Be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying, or
- Have at least one borrower who is a first-time home buyer.
Why Choose the UWM 0% Down Purchase Program?
Mat Ishbia, president and CEO at UWM, emphasized the significance of this program: “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.”
Advantages for Borrowers
- Immediate Homeownership: With no down payment required, the UWM 0% Down Purchase Program allows you to achieve homeownership without the initial financial burden.
- Financial Flexibility: The no-interest, no-monthly-payment structure of the assistance loan provides financial flexibility, enabling you to focus on other expenses related to your new home.
- Access to Exclusive Real Estate Listings: By working with independent mortgage brokers who offer this program, you can gain access to exclusive real estate listings and deals.
- Steps to Apply for the UWM 0% Down Purchase Program
- Assess Your Eligibility: Ensure you meet the criteria of being at or below 80% of the AMI for the property address or that one borrower qualifies as a first-time home buyer.
- Contact a UWM Broker: Get in touch with an independent mortgage broker affiliated with UWM to discuss your options and start the application process.
- Submit Your Application: Complete the necessary paperwork with the help of your broker to apply for the program.
- Receive Approval and Assistance: Upon approval, you will receive a 3% down payment assistance loan up to $15,000, allowing you to move forward with purchasing your new home.
Conclusion
The 0% Down Purchase Program from UWM represents a game-changing opportunity for no down payment first-time home buyers and mortgage seekers. By providing essential down payment assistance, UWM is helping to make the dream of homeownership accessible to more people.
If you’re ready to take the next step toward owning your own home, don’t let the lack of a down payment hold you back. Explore the UWM 0% Down Purchase Program today and unlock the door to your new home.
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Contact Orca Home Loans to learn more about this incredible opportunity and to start your application process. Your path to homeownership is just a few steps away!
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Orca Home Loans
NMLS #1904915 | Company NMLS #1393730
Licensed In: FL
MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER
Here’s how it works:
- First lien mortgage meets LTV requirements
- UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000
- Second lien has no monthly payment requirement and no interest
- Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
- Payments on the second lien can be made throughout the loan term, but are not required
How borrowers can qualify:
- Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible® guideline requirements
- For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
- This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
- 620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%
—OR—
- At least one borrower must be a first-time homebuyer and meet HomeOne® and UWM’s guideline requirements
- First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years
- 700+ FICO and LTV must be greater than 95%, up to 97%
Our exclusive 0% Down Purchase program is a powerful tool designed to benefit borrowers, help you get more loans and establish stronger relationships with real estate agents.
Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible® or HomeOne® guidelines. Some exclusions may apply.
The principal, interest, and MI payment of a $350,000 30-year Fixed-Rate Loan at 6.75% and 97% loan-to-value (LTV) is $2270.09. The Annual Percentage Rate (APR) is 6.949% with estimated finance charges of $6,500. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 5/20/24. Subject to borrower approval. Some exclusions may apply.
