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  • Writer's picturePeter Seroter

UWM's New 0% Down Home Purchase Program – Making Homeownership Accessible for All


Are you dreaming of owning your own home but finding the down payment to be a major hurdle? We have exciting news! United Wholesale Mortgage (UWM) has introduced a groundbreaking new 0% down payment home purchase program designed to make homeownership more accessible to everyone. Whether you're a first-time buyer or looking to upgrade, this program offers incredible benefits that could bring you one step closer to your dream home.


Key Features of UWM’s 0% Down Payment Program


UWM’s program is structured to provide substantial assistance, making it easier for buyers with different financial situations to qualify. Here’s a breakdown of the program’s features:


For Buyers at or below 80% of the Area Median Income or Less:

- Minimum FICO Score:** 620

- Loan-to-Value (LTV) Ratio:** 97% (down to 95%)

- Eligibility:** All homebuyers

- Assistance:** Up to $15,000 from UWM

- Additional Assistance:** An extra $2,500 for those with 50% AMI or less

- Guidelines:** Must meet Home Possible guidelines


Wiith No Area Median Income Limit:

- Minimum FICO Score:** 700

- LTV Ratio:** 97% (down to 95.01%)

- Eligibility:** First-time homebuyers

- Assistance:** Up to $15,000 from UWM

- Guidelines:** Must meet HomeOne guidelines


Understanding Home Possible and HomeOne Programs


To fully appreciate the benefits of UWM's new program, it's important to understand the Home Possible and HomeOne mortgage programs that it leverages.


Freddie Mac’s Home Possible program is designed to help low- to moderate-income borrowers become homeowners. Key features include:

- Low Down Payment Options: As low as 3% down.

- Flexible Sources of Funds: Allows for a variety of sources for down payment and closing costs, including gifts, grants, and loans from nonprofits.

- Reduced Mortgage Insurance: Lower costs for mortgage insurance compared to standard programs.

- Income Flexibility: Includes flexibility in income sources and allows for nontraditional income.


Freddie Mac’s HomeOne mortgage is aimed at first-time homebuyers who may not meet the income requirements of other programs. Key features include:

- Down Payment: As low as 3% down.

- No Income Limits: Unlike Home Possible, HomeOne does not have income limits, making it accessible to more buyers.

- Flexible Funding: Down payment can come from various sources, including family gifts and grants.

- Homeownership Education: Requires at least one borrower to complete a homeownership education program, promoting informed and successful homeownership.


Why This Program is a Game-Changer


1. Accessibility: By lowering the barriers to entry, UWM's program makes homeownership possible for a broader range of buyers, including those with lower credit scores and higher LTV ratios.

2. Financial Assistance: The substantial assistance of up to $15,000 significantly reduces the financial burden on buyers.

3. Flexibility: With options for both low-income and first-time buyers, this program is adaptable to various financial situations and needs.

4. Education and Support: By incorporating established programs like Home Possible and HomeOne, UWM ensures that buyers are well-informed and supported throughout the homebuying process.


How to Get Started


If you're ready to take the next step towards owning your dream home, now is the perfect time to explore UWM's 0% down payment program. Here's what you need to do:


1. Contact Us: Reach out to our team to discuss your eligibility and understand the specific details of the program.

2. Prepare Your Documents: Gather necessary financial documents, including bank statements, proof of income, and credit history.

3. Apply: Start the application process and see how much assistance you qualify for.


Don’t let the down payment stand in the way of your homeownership dreams. With UWM's innovative program, owning a home is within reach.


Contact us today at 844-786-1865 to learn more and begin your journey to becoming a homeowner!


Peter Seroter

NMLS 997692

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