United Wholesale Mortgage now offers interest-only financing.

by Mario Acosta on July 23, 2015

in Buyers, Investors

Interest-Only-Mortgages

United Wholesale Mortgage just rolled out a new product. Designed to help borrowers save money with lower mortgage payments

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.

The program will be made available to borrowers through mortgage brokers, correspondents, small banks and credit unions. Loan amounts for this non-agency project will range from $250,000 up to $2 million

If you need more information please contact Mario Acosta.

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Mario has written 59 articles.

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