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United Wholesale Mortgage (UWM) underwrites loans for mortgage brokers, banks and credit unions. It doesn't lend directly to borrowers. Instead, homeowners 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.
Available in all U.S. states and the District of Columbia
Minimum credit score
640 for conventional loans; 680 for jumbo; 640 for VA; 620 for FHA; no credit requirement for USDA
Conventional, FHA, VA, USDA, jumbo, fixed-rate and adjustable-rate
High loan amounts available for conventional financing
Low flat-rate $200 closing fee ($300 in New Jersey and Colorado)
Fast turnaround times for new loan originations (15 days or less on average)
No escrow waiver fee
Fee-free digital payment option
Doesn't lend directly to borrowers
Doesn't offer home equity loans or home equity lines of credit (HELOCs)
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United Wholesale Mortgage has a flat closing fee of $200 in most areas where it lends. In New Jersey and Colorado, the closing fee increases to $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 mortgage, 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 620. 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.
You can’t apply directly for a loan through United Wholesale Mortgage. Outside of loan servicing, UWM's products are directed towards brokers, banks and credit unions that originate loans for their borrowers.