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UWM revives its conventional 1% down mortgage loan program

Top wholesale lender United Wholesale Mortgage (UWM) is yet again ramping up efforts to gain more market share at the cost of potential profits.

On Wednesday, the Detroit-based lender announced that it is reviving the conventional 1% down loan option, which allows homebuyers to purchase a home with a 1% down payment.

Known as the “Conventional 1% Down,” the product is essentially a 3% down mortgage in which UWM pays an additional 2% — up to $4,000 — on top of the borrower’s 1% down payment. This gives the borrower a total of 3% to put down details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com