Speak with our Senior Loan Originator,
Hon. Zoobee R. Chukwurah
NMLS#: 1717158

(240) 308-5097

Loan Programs

Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.

Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

Reverse Mortgages
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.

Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

 

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***CONVENTIONAL CONQUEST
Significantly better pricing
Rates as low as 1.999%* including 30-year fixed.
Available on purchases, cash-out and rate/term refinances.
Texas 50(a)(6) available
Conventional only
Primary and secondary residences.
Refinance properties must not have closed with UWM in the last 18 months.
Exact Rate and Flex Term available.
Lock anywhere from 8-22 days (UWM average is 15 days sub to CTC).
Close most loans in 15 days or less by triggering the CD at initial underwrite


***CONQUEST FOR FHA LOAN
Rates starting at 1.999%**
Purchases and rate/term refinances on primary residence only.
FHA Streamlines on primary and secondary residences.
FHA rate/term refinances and Streamlines that have not closed with UWM in the last 18 months.
Lock anywhere from 8-22 days (UWM average is 15 days sub to CTC).
Flex Term from 8-30 years available for non-Jumbo FHA
15-year and 30-year term available for FHA Jumbo
Min 640 FICO
No DTI cap
Close most loans in 15 days or less by triggering the CD at initial underwrite

***CONQUEST FOR VA LOAN
Rate starting at 1.999%***
Purchases on primary residence only.
VA IRRRLs on primary and secondary residences.
VA IRRRLs that have not closed with UWM in the last 18 months.
Lock anywhere from 8-22 days (UWM average is 15 days sub to CTC).
Flex Term from 8-30 years available.
Min 640 FICO
Close most loans in 15 days or less by triggering the CD at initial underwrite
 
***UWM Conventional Disclaimer 
*The principal, interest and MI payment on a $330,000 30-year Fixed-Rate Loan at 2.625% and 90% loan-to-value (LTV) is $1,324.66. The Annual Percentage Rate (APR) is 2.598% with estimated finance charges of $11,000. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 1/18/2021. Subject to borrower approval. Some exclusions may apply.

***UWM FHA LOAN DISCLAIMER 
**The principal, interest and MI payment on a $220,000 30-year Fixed-Rate Loan at 2.125% and 96.5% loan-to-value (LTV) is $995.56. The Annual Percentage Rate (APR) is 3.184% with estimated finance charges of $5,700. Payment includes a one-time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. The 0.85% monthly MIP is required for a specific period of time regardless of your down payment or equity in your home. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 1/18/2021. Subject to borrower approval. Some exclusions may apply.

***UWM VA LOAN DISCLAIMER 
***The principal and interest payment on a $204,600 30-year Fixed-Rate VA Loan at an interest rate of 2.25% and 100% loan-to-value (LTV) is $800.06. The Annual Percentage Rate (APR) is 2.537% with estimated finance charges of $7,800, which includes a funding fee paid at closing as determined by VA guidelines. The principal and interest payment, which will continue for 360 months until paid in full, does not include taxes and insurance premiums, which will result in a higher actual monthly payment. Rates are current as of 1/18/2021. Some exclusions may apply. Subject to borrower approval. United Wholesale Mortgage is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Some exclusions may apply. Not guaranteed available.
 

Loan Programs