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United Wholesale Mortgage Review: Giving Borrowers Up to $4,000 for a Loan

Review Updated
David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®

Our Mortgages Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Bottom line: United Wholesale Mortgage (UWM) is the nation's second largest home mortgage lender. UWM is only available through a mortgage broker. On April 12, UMW launched its "Conventional 1% Down" program to help homeownership become more affordable, paying up to $4,000 towards a down payment. Read our full review to find out if it's right for you.

Ratings Methodology
United Wholesale Mortgage

United Wholesale Mortgage

Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

UWM is the nation's second largest home mortgage lender. UWM is only available through a mortgage broker.

Min. Credit Score

620

Min. Down Payment

3%

Key Features

  • Borrowers can get up to $4,000 towards a down payment
  • UWM has advanced tools and technology with a fast, easy application process
  • Wide range of mortgage products
  • Available in all 50 states

Loan Types

  • FHA
  • VA
  • USDA
  • Jumbo
  • Interest Only

Fixed Rate Terms

8- to 30-year (Flex term)

Adjustable Rate Terms

5, 7, 10-year

Top Mortgage Lenders

It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:

Lender Min. Down Payment Credit Score Next Steps
  • 3%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional 680 Jumbo
Apply Now for Better
  • 0% - 3%
Circle with letter I in it. 0%-3.5% (FHA & VA loans) 3% (conventional loans)
  • 580 - 680
Circle with letter I in it. 580 FHA 620 other mortgage products
Apply Now for Rocket Mortgage®

Full United Wholesale Mortgage review

This mortgage lender is a good fit for: Borrowers working through a mortgage broker and who qualify for the Conventional 1% down program.

Pros

  • Offers many types of mortgages
  • Conventional 1% down program
  • Second largest mortgage broker in the country

Cons

  • Need to work through a mortgage broker
  • Minimum score of 620

Top perks

Offers many types of mortgages

UWM offers FHA, VA, USDA, and different types of conventional loans. It offers different products based on your credit score and loan amounts. Borrowers can even get 5, 7, and 10-year ARMs. UWM also offers construction mortgages and HELOCs. Brokers have access to many loan options.

Conventional 1% down program

When income-qualified borrowers put 1% down, UWM will pay an additional 2% toward the down payment, up to $4,000, for a total of 3% down. This helps make homeownership more affordable for borrowers. It can also offer buyers a competitive edge when talking to real estate agents. To qualify, borrowers must have an income at or below 50% of the area median income (AMI) and a 97% loan-to-value ratio.

Second largest mortgage broker in the country

In the fourth quarter of 2022, UWM's total originations amounted to $25.1 billion and made up 54% of the wholesale channel market.

What could be improved

Need to work through a mortgage broker

UWM is a wholesale lender, not a direct lender, so it is only available through a mortgage broker. UWM does not show mortgage rates on its website; you will need to work with a broker to compare mortgage rates.

Minimum score of 620

In order to qualify for UWM's elite rates for FHA or VA loans, you will need a minimum of a 620 or 640 FICO® Score, respectively. Conventional loans also have a minimum of a 620 FICO® Score. UWM's elite loans require a FICO® Score of 700, making it more difficult for some to qualify for the best rates.

How to qualify

The qualification process depends on the type of mortgage you want to apply for. Minimum credit score requirements range from 620 and up, depending on the type of loan you apply for. Because UWM is a wholesaler, you will have to apply for a mortgage through a broker. The broker will recommend the best type of mortgage based on your situation, credit score, and type of property.

How are United Wholesale Mortgage refinance rates?

UWM is a wholesaler and does not publish its rates. A mortgage broker will be able to help you compare rates.

Check out current mortgage refinance rates to get a better idea of where industry average rates stand.

How are United Wholesale Mortgage rates compared to the national average?

UWM is a wholesaler and does not publish available rates. Per UWM's website: "As the #1 wholesale lender in the country…We combine competitive rates, groundbreaking tools and technology, and a fast, easy process to help you deliver a worry-free mortgage experience." A mortgage broker will be able to help you compare rates.

In the meantime, take a look at current mortgage rates from other lenders we cover.

United Wholesale Mortgage is right for you if:

You want to work through a mortgage broker, have a high credit score, and qualify for the Conventional 1% down program.

FAQs

  • United Wholesale Mortgage is competitive. However, loans can only be obtained through a mortgage broker. UWM does not publicize its rates.

  • United Wholesale Mortgage is the second largest mortgage lender in the country. UWM offers a wide range of mortgage products based on the borrower's financial situation.

  • UWM offers a number of mortgage products for refinancing. Since UWM is a wholesaler, you will need to go through a mortgage broker.

  • UWM offers different loan types with different qualifications. A mortgage broker will be able to help you decide which one is best for you

  • UWM offers conventional, FHA, VA, and USDA mortgages. It also offers niche and specialized mortgage loans for borrowers. A mortgage broker will be able to assist you in finding the best mortgage for you.

Our Mortgages Expert

David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®

Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.