In response to a recent announcement that Fannie Mae and Freddie Mac have introduced loan options for down payments as low as 3 percent, United Wholesale Mortgage (UWM) announced the launch of a new product offering conventional financing for up to 97 percent loan-to-value (LTV).
The release follows the latest update to Fannie Mae's Desktop Underwriter (DU).
"Immediately after Fannie Mae released version 9.2 of DU, we had the opportunity to reintroduce this program given Fannie's changes, and we’re the first wholesale lender in the country to make it available," said Mat Ishbia, president and CEO at UWM. "We always strive to give our partners a competitive advantage. Being first to market allows UWM's partners to get many consumers into loans that are more affordable."
UWM partners already have access to the program and can find it through the company's loan portal, EASE. It can also be accessed through UWM's UMobile application for smartphones.
Details and other program highlights can be found on UWM's website.