United Wholesale Mortgage Introduces Interest-Only Mortgages | News - National ...

Category: National Mortgage News Published: Friday, 24 July 2015 Written by Admin

United Wholesale Mortgage has begun offering interest-only mortgages through its third party origination channels.

The Troy, Mich., company is offering the product to borrowers with a 20% down payment, a minimum FICO score of 720 and a debt-to-income ratio of 42%. Borrowers will be required to start paying principal after 10 years.

The purpose of the program is not to enable a consumer to afford a larger house, Mat Ishbia, chief executive, said in a news release. Its 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.

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

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