United Wholesale Mortgage announced a 0% down program last month, and since then it’s been all the rage, but people are split: Does it eliminate a barrier or will it launch us into another subprime mortgage crisis?
United Wholesale Mortgage (UWM), with billionaire Mat Ishiba at the helm, has launched a new zero-percent down mortgage program. This program allows qualified buyers to finance 97% of their home's value with a first mortgage. The remaining 3%, up to $15,000, is covered by a secondary mortgage that carries no interest but must be repaid in full when the home is sold, the mortgage is paid off, or the owner refinances.For example, purchasing a home appraised at $300,000 would entail a $9,000 no-int
America’s gummed-up housing market is a $45 trillion mess — a big old knot of economic forces smashing into a century’s worth of cultural conditioning about the value of homeownership.