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Housing Collapse Brewing: Top U.S. Mortgage Lender Offers Zero Down Mortgages

One of the top mortgage lenders in the United States is offering a new program that allows home buyers to put zero percent down on their mortgages.

United Whole Sale Mortgage is offering a new program that will allow first-time home buyers and people earning below or at 80% of an area’s average income to put zero down on their mortgages.

In a statement to Market Watch, chief operating officer of UWM, Melinda Wilner shared, “Homeownership is something we’re very passionate about.”

Previously, UWM offered buyers a rate of as little as 1% down.

Per Zero Hedge:

Home buyers will be able to buy a home without putting any money down under a new program launched by United Wholesale Mortgage, one of the largest U.S. mortgage lenders.

The Pontiac, Mich.-based company’s new program will be available to first-time home buyers and people earning at or below 80% of an area’s median income, the company said in a press release.

UWM (UWMC) will give eligible buyers a second-lien loan of up to $15,000, in the form of down-payment assistance, for 3% of the home’s purchase price. The loan will not accrue interest or require a monthly payment.

“Homeownership is something we’re very passionate about,” Melinda Wilner, chief operating officer at UWM, told MarketWatch.

UWM isn’t the only one offering zero-down mortgages.

As The Gateway Pundit previously reported, Bank of America has offered zero-down mortgages for black and Hispanic Borrowers

READ:

Bank of America to Offer Zero Down Payment, Zero Closing Cost Mortgage Loans to Black and Hispanic Borrowers

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