- Benzinga
UWM Defends New Zero Down Mortgage Amid Industry Backlash, 'We Believe In It So Much'
United Wholesale Mortgage (NYSE:UWMC) is supporting its new 0% down payment product despite skepticism from market watchers who draw parallels to the risky loans that triggered the 2008 financial crisis.The program, launched in May, provides borrowers with a 3% down payment second lien of up to $15,000 and has been met with enthusiasm and concern. According to a CNN report, critics have labeled it a red flag, reminiscent of the lending practices that contributed to the Great Financial Crisis. Ho
- Fortune
Zero percent down mortgages might help more first-time homebuyers break into the housing market—but there are caveats
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?
- Benzinga
Zero-Down Payment Mortgages Return Amid High Housing Costs
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
