United Wholesale Mortgage just rolled out a new product.

The company will now offer an interest-only financing program for borrowers who want to save on additional, monthly discretionary income.

The program requires a 20% down payment on the cost of a loan, and borrowers must have a minimum FICO score of 720 and a 42 debt-to-income.

Additionally, borrowers will be required to begin paying down the principal of the loan after 10 years.

"We expect the program to be an incredibly popular option for well-informed borrowers, and in turn, a significant boom for mortgage originators," said United Wholesale Mortgage CEO Mat Ishbia.

"The purpose of the program is not to enable a consumer to afford a larger house; it's for savvy borrowers who can regularly afford a house on a 30-year fixed mortgage, but choose the interest-only option to save additional discretionary income," said Ishbia.