One of the largest mortgage lenders in the U.S. is offering a new program that allows homebuyers to pay zero percent interest on their mortgage payments.
United Whole Sale Mortgage is launching a new program that allows first-time homebuyers and people earning less than or equal to 80% of an area’s average income to get a zero-down mortgage.
“Homeownership is something we are very passionate about,” UWM Chief Operating Officer Melinda Wilner said in a statement to Market Watch.
Previously, UWM offered buyers discounts as low as 1%.
One of the largest lenders in the U.S. is offering 0% down mortgages for first-time homebuyers. This is where the problem lies. https://t.co/o56BP20bEz
— Steven Cashtro (@stevecashtro7) May 23, 2024
Per zero hedge:
Homebuyers can purchase a home without a down payment under a new program from United Wholesale Mortgage, one of the nation’s largest mortgage lenders.
The Pontiac, Miss.-based company’s new program will be targeted at first-time homebuyers and people earning at or below 80 percent of the area median income, the company said in a news release.
UWM (UWMC) will provide qualified buyers with a second lien loan of up to $15,000 in the form of down payment assistance amounting to 3% of the home’s purchase price. The loan does not accrue interest or require monthly payments.
“Homeownership is something we are very passionate about,” UWM Chief Operating Officer Melinda Wilner told MarketWatch.
UWM isn’t the only institution offering zero-down mortgages.
As The Gateway Pundit previously reported, Bank of America offers zero-down mortgages to Black and Hispanic borrowers
read:
Bank of America offers zero-down, zero-end-cost mortgages to Black and Hispanic borrowers
