United Wholesale Mortgage offering 0% down home purchase program

Published on

CALIFORNIA – United Wholesale Mortgage (UWM), formerly United Shore Financial Services, announced May 17 that they are offering a 0% Down Purchase program. UWM says the program allows brokers to help more borrowers get into a home right now with no down payment.

“No other wholesale lender in the country is offering this, meaning independent mortgage brokers now have a significant advantage with consumers and real estate agents,” said UWM chief executive Mat Ishbia. 

Ishibia went on to say that thousands of borrowers are sitting on the sidelines because they don’t have a downpayment – this program removes that barrier.

2nd mortgage

The company says the program provides qualified borrowers a 3% down payment assistance loan – up to $15,000. 

The down payment assistance is a second lien that has no monthly payment requirement and no interest. The second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first.

Monthly payment example

UWM provides a monthly payment example based on a principal, interest, and mortgage insurance payment of $350,000.

A 30-year fixed-rate loan at 6.75% and 97% loan-to-value (LTV) is a $2,270.09 monthly payment. 

The company says the principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. 

According to Bankrate, the current average interest rate for a 30-year fixed mortgage is 7.17% as of May 31, 2024. A recent California Association of Realtors (CAR) report found that the average minimum income to qualify for a home in California is $208,400.

For more information about the 0% Down Purchase program click here.

RELATED: Rocket Mortgage offering 1% down home loan with a 2% grant, no monthly mortgage insurance fee

spot_img

Latest articles

Major California-based food brand files for bankruptcy

CALIFORNIA – Del Monte Foods announced July 1, that it has filed for voluntary...

Victorville fining up to $50,000 for fireworks sales and possession

VICTORVILLE – The City of Victorville announced July 2, that it has stepped up...

California budgets $10 Million to help people reintegrate after prison

CALIFORNIA – Governor Gavin Newsom and California lawmakers included $10 million in the recently...

32 arrested in San Bernardino County prostitution crackdown

CALIFORNIA – Between June 23 and June 27, 2025, the San Bernardino County Sheriff’s...

More like this

CA sues notorious landlord with over 22,000 units marked by roaches, rodents and leaking roofs

CALIFORNIA – California attorney general Rob Bonta announced June 12, that he filed a...

Insurance commissioner launches investigation into State Farm’s handling of wildfire claims

CALIFORNIA – California Department of Insurance (CDI) commissioner Ricardo Lara announced June 12, that...

Real estate platform launches in California offering homebuyers 2% down payment assistance

CALIFORNIA – Zown, a tech-powered real estate platform announced June 2 its U.S. debut...