TROY, Mich., March 25, 2015 (SEND2PRESS NEWSWIRE) -- United Wholesale Mortgage (UWM), one of the nation's largest and fastest growing wholesale lenders, announced today the availability of Freddie Mac's new Home Possible(R) Mortgage program, which enables first-time home buyers and low- to moderate-income borrowers to achieve home ownership with only a three percent down payment.
The program allows homeowners the ability to refinance up to 97 percent loan-to-value, regardless of their existing loan type. Likewise, borrowers are able to purchase a home with as little as 3 percent down, even if they aren't first-time home buyers. There are also no income limits for those borrowers in underserved areas.
"Freddie's Home Possible(R) program opens up a lot of possibilities for borrowers, real estate agents and originators when it comes to home financing needs," said Mat Ishbia, president and CEO of UWM. "It allows our brokers and correspondents to reach more borrowers who are now eligible to refinance or purchase a new home."
Home Possible and Home Possible Advantage are better alternatives than FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.
Home Possible and Home Possible Advantage Highlights:
* Freddie Mac's conventional alternative to FHA
* 30-year fixed
* Purchase and rate/term refi up to 97 percent
* Refinances up to 97 percent LTV, regardless of current mortgage program
* One unit, primary home only
* Combines lower M.I. factors with LLPA caps to minimize payment.
Interested parties can learn more about UWM's launch of Freddie Mac's Home Possible Mortgage program by contacting the company at 800-981-8898 or by visiting www.uwm.com.
About United Wholesale Mortgage:
Headquartered in Troy, Michigan, United Wholesale Mortgage (UWM) underwrites and provides closing documentation for residential mortgage loans originated by mortgage brokers, banks, credit unions and correspondents. UWM provides unparalleled service with its deep understanding of the mortgage process using its talented team of account executives, underwriters, closers and funders, who have years of experience with intricate knowledge in wholesale. UWM's positive teamwork and dedication to exceptional client service has resulted in continued success and growth that has spawned expansion.
For more information, visit http://www.uwm.com/ or call 800-981-8898.
Profundity Communications, Inc.
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NEWS SOURCE United Wholesale Mortgage :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2015 Send2Press® Newswire, a service of Neotrope®.