United Wholesale Mortgage Review 2021

By Mitch Strohm

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

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3.8

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Loans offered

Conventional, FHA, VA, USDA, jumbo, fixed-rate, adjustable-rate
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Nationwide availability

Available in all U.S. states and the District of Columbia
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Min. credit score required

640 for conventional loans; 680 for jumbo loans; 640 for VA loans; 580 for FHA loans; no minimum credit requirement for USDA loans

Pros and cons

Pros

  • High loan amounts available for conventional financing
  • Low flat-rate $200 closing fee ($300 in Colorado and New Jersey)
  • Fast turnaround times for new loan originations (15 days or less on average)
  • No escrow waiver fee
  • Fee-free digital payment option

Cons

  • Doesn't lend directly to borrowers
  • Doesn't offer home equity loans or home equity lines of credit (HELOCs)

United Wholesale Mortgage overview

United Wholesale Mortgage (UWM) underwrites loans for mortgage brokers, banks and credit unions. It doesn't lend directly to borrowers. Instead, borrowers mainly deal with the company's loan servicing department. Founded in 1986, United Wholesale Mortgage is headquartered in Pontiac, Michigan, and is one of the top wholesale lenders in the country.

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Fixed-rate
  • Adjustable-rate

Lender fees

United Wholesale Mortgage has a flat closing fee of $200 in most areas where it lends. In Colorado and New Jersey, the closing fee is $300. There’s also a $31 fee for a credit report check.

One notable perk is that United Wholesale Mortgage doesn’t charge an escrow waiver fee on most conventional and VA loans. That means borrowers who choose to waive escrow (pay taxes and insurance on their own) won’t have to pay extra to do so.

Minimum borrower requirements

United Wholesale Mortgage’s borrower requirements vary by loan type. For a conventional loan, borrowers need a credit score of 640 or higher and a down payment of at least 3 percent. UWM doesn’t publish its debt-to-income (DTI) requirements, but following Fannie Mae’s guidelines, you’ll generally need a DTI of 43 percent or lower in order to qualify.

Jumbo mortgage borrowers can have a FICO score as low as 680, but borrowers only putting 10 percent down will need a credit score of 720 or higher.

It’s possible to qualify for an FHA loan with a credit score as low as 580. For an FHA loan, you’ll typically need a DTI of 50 percent or less.

VA loans through UWM require a credit score of 640 or higher. There’s a minimum loan amount of $125,000. You’ll also need low debt relative to your income.

There are no credit or minimum down payment requirements for USDA loans, but borrowers must meet income eligibility guidelines and be located in an eligible rural area. To get the best pricing through UWM, borrowers need a minimum credit score of 640.

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