United Wholesale Mortgage to offer Freddie Mac 97% LTV loans
Becomes latest participant in Home Possible Advantage program
United Wholesale Mortgage is set to become the latest participant in Freddie Mac’s Home Possible Advantage program, which features 97% loan-to-value mortgages.
Freddie announced the Home Possible Advantage program in December, outfitting the program with an affordable conforming, conventional mortgage with a 3% down payment to help more first-time homebuyers and other qualified borrowers jump into the market.
According to United Wholesale, the program allows homeowners the ability to refinance up to 97% loan-to-value, regardless of their existing loan type. There are also no income limits for those borrowers in underserved areas.
“Freddie’s Home Possible program opens up a lot of possibilities for borrowers, real estate agents and originators when it comes to home financing needs,” said Mat Ishbia, president and CEO of UWM. “It allows our brokers and correspondents to reach more borrowers who are now eligible to refinance or purchase a new home.”
When Freddie announced Home Possible Advantage, it said the new program offers qualified low-and moderate-income borrowers a conforming conventional mortgage with a maximum loan-to-value of 97% and can be used to buy a single unit property or for a “no cash out” refinance of an existing mortgage.
Freddie is not limiting its product to first-time homebuyers. But if they are first-time homebuyers, they must participate in an acceptable borrower education program, like Freddie Mac's CreditSmart, to qualify for Home Possible Advantage.