Conventional Loan Products
Conventional loan is a term you’re bound to encounter when you’re shopping for a mortgage. After all, this common mortgage type is offered by most lenders. Qualifying can be tougher than with government loans, but the options fit a wider range of buyers and properties.
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA).
HOMEREADY
Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Fannie Mae Lookup Tool to see if a subject property meets the county loan limit requirement.
* Purchases up to 97% including FTHB
* Refinances serviced by FNMA eligible up to 97% LTV
* Reduced Mortgage Insurance
* High Balance available
* Income up to 80% of the AMI
* Gift funds eligible for entire down payment
* Available on multi-wide Manufactured Homes with LTV up to 95%
* Close most loans in 18 days or less by triggering the CD at initial underwrite
REFI POSSIBLE
Refi Possible helps your borrowers who currently have a Freddie Mac-backed loan take advantage of current low interest rates. As with Fannie Mae’s RefiNow, applicants must have income at or below 80% of their area median income (AMI) and be able to reduce their interest rate by a minimum of 50 basis points and save at least $50 on their monthly mortgage payments.*
* Loan must be conventional and owned or securitized by Freddie Mac
* 30-year fixed loans with an LTV up to 97%
* 640+ FICO; up to 65% DTI
* $500 credit from Freddie Mac if an appraisal was obtained
*Reduction must include principal, interest and the mortgage insurance payment (if applicable).
REFINOW
RefiNow lets more of your borrowers take advantage of current low interest rates to refinance! Use it to help your homeowners who currently have a Fannie Mae-backed loan, have income at or below 80% of their area median income (AMI) limit, and can reduce their interest rate by a minimum of 50 basis points and save at least $50 on their monthly mortgage payments.*
* Loan must be conventional and owned or securitized by Fannie Mae
* 30-year fixed loans with an LTV up to 97%
* 640+ FICO, up to 65% DTI
* Primary residence rate/term refinance
* $500 credit from Fannie Mae if an appraisal was obtained
*Reduction must include principal, interest and the mortgage insurance payment (if applicable).
HOMEONE
Qualify more first-time homebuyers with this 3% down payment solution.
* Purchases up to 97% LTV
* No income restrictions
* Available in all geographic locations
* Eligible for single family homes, including townhouses and condos
* At least one borrower must be a first time homebuyer
* LPA only
* Close most loans in 18 days or less by triggering the CD at initial underwrite
* Available on multi-wide Manufactured Homes with LTV up to 95%
HOME POSSIBLE
A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Freddie Mac Lookup Tool to see if a subject property meets the county loan limit requirement.
* Up to 97% LTV
* First time homebuyers, move-up borrowers and retirees
* Refinances up to 97% LTV, regardless of current mortgage program
* High Balance available
* Income up to 80% of the AMI
* Available on multi-wide Manufactured Homes
* Close most loans in 18 days or less by triggering the CD at initial underwrite
ELITE
The obvious choice for your top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry, UWM’s Elite program allows you to close quickly, while generating solid referrals.
* 700+ FICO, up to 80% LTV
* Loan amounts from $125,000 up to county loan limits
* Eligible for primary, secondary and investment homes
* Appraisal Waivers honored
* Includes conventional and high balance
* Available on multi-wide Manufactured Homes
* Close most loans in 18 days or less by triggering the CD at initial underwrite