Homebuying Is A Joyful Experience

 Mortgage downpayment assistance programs are initiatives designed to help homebuyers, particularly first-time buyers or those with limited financial resources, cover the initial downpayment required to purchase a home. These programs can provide grants, low-interest loans, or deferred payment loans, making homeownership more accessible by reducing the upfront costs. Often funded by federal, state, or local governments, as well as non-profit organizations, these programs aim to promote homeownership, enhance community stability, and support economic diversity in housing markets. Eligibility typically depends on factors like income, creditworthiness, and the purchase price of the home. 

Becoming a homeowner is a dream many aspire to, but the hurdle of saving for a down payment can often feel overwhelming. We understand this challenge and are here to offer a solution designed to make homeownership accessible to more people than ever before.

Our exclusive 0% Down Purchase program is a game-changer for first-time homebuyers, providing an invaluable resource to help you get into your new home with ease. Here’s how it works and why it’s a fantastic opportunity for you.

1. No Down Payment RequiredQualified borrowers receive a 3% down payment assistance loan, up to $15,000, from UWM. This means you can move into your new home right away without the need to save for a down payment.

2. First and Second Lien Mortgages

• The first lien mortgage must meet Loan-to-Value (LTV) requirements.
• UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000.
• The second lien has no monthly payment requirement and no interest, making it an incredibly affordable option.

3. Flexible Repayment Terms

• The balance of the second lien is due when the first lien loan is refinanced or paid off, whichever comes first.
• While payments on the second lien can be made throughout the loan term, they are not required.

Income Requirements

• Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible® guideline requirements.
• Very-low-income borrowers (qualifying income at or below 50% AMI) will receive a $2,500 credit as part of the 3% assistance, which does not need to be repaid and reduces the second lien debt obligation.

Credit and LTV Requirements

• Borrowers need a minimum FICO score of 620 and LTV must be equal to or greater than 95%, up to 97%.
• Alternatively, at least one borrower must be a first-time homebuyer, meeting HomeOne® and UWM’s guideline requirements, with a FICO score of 700 and LTV greater than 95%, up to 97%.

Immediate Advantages

• No Down Payment: Keep your savings and invest them elsewhere.
• Faster Homeownership: Move into your dream home without the lengthy saving period.

Long-Term Benefits

• Equity Building: Start building equity in your home right away.
• Stable Housing Costs: Lock in your mortgage rate and enjoy predictable monthly payments.
• Tax Benefits: Potential deductions on mortgage interest and property taxes.

Our 0% Down Purchase program is a powerful tool to help you overcome the down payment hurdle and start your journey toward homeownership. Whether you’re a first-time homebuyer or someone looking to make a new start, this program offers the support you need to make your dreams a reality.

Contact us today to learn more about how you can qualify and take the first step toward owning your new home. The path to homeownership is clearer and more attainable than ever before. Let’s make it happen together!

A manufactured home is a complete dwelling for year-round living and is constructed in a factory. It conforms with a National Building Code developed by the U.S. Department of Housing and Urban Development.

Did you know:

Manufactured homes cost, on average, half the cost per square foot as a site-built home?

Manufactured homes appreciate faster than a site-built home?

That manufactured Homes can include amenities like: vaulted or tray ceilings, fully equipped kitchens with appliance upgrades, walk-in closets and luxurious bathrooms?

With available programs that include FHA, Fannie Mae, and Freddie Mac financing options, as well as VA, and USDA loans, we can help you capitalize on this growing market.

Eligibility:

Here are some notable differences, that apply to Manufactured Home property types:

Constructed after June 15, 1976

Classified as real estate

Built and remains on a permanent chassis

Designed to be used as a dwelling with a permanent foundation (foundation system must follow FHA guidelines)

Built with a finished grade elevation at or above the flood elevation frequency (Elevation Certificate required on any property that is in a flood zone)

Situated in a fee simple, on land owned by the borrower

Not previously installed or occupied at any other site or location (Exception:VA)

Permanently affixed to each transportable section evidencing compliance with the HUD Codes

HUD Certification Label & HUD Data Plate (IBTS letter needed if HUD Cert Label is not present)

Engineer's Certification 

Up to 85% LTV Purchase

Up to 80% LTV C/O Refi

Minimum FICO 660

Loan Amounts to $1,500,000

12 Months Bank Statements for Self-Employed

Options:

Tax returns or Bank Statements for Self-Employed

Tax returns and VOE for W-2 Employed

DSCR for Investment Properties

Highlights include:

100% LTV Loans for Purchase, Cash-Out

110% for VA IRRRL

Max Loan Amounts to $1.5 Million for purchase loans and VA IRRRL

$1 Million Max Loan Amount for Cash-Out Loans

Flexible Loan Terms