The inspiration for launching this system is to assist consumers buy homes, he said, not mentioning rival UWM: “I’m within the business of adjusting people’s lives,” Fawaz said. “This is a program that may change the lives of Americans. It wasn’t a great marketplace for any of us, and it was harder to qualify for a mortgage. It’s a fantastic program that basically puts consumers able where they should purchase a house today.”
AMI expansion is for brokers, says UWM for consumers
The MPA also contacted the UWM for insight on modifications to its original 1% Down Conventional program – mainly raising the required eligibility from 50% to 80% AMI.
“We implemented it in April,” reminded the MPA at first of the phone interview Alex Elezaj (pictured on the best), UWM strategy director. “We were the primary to introduce it. Of course, a number of other lenders followed suit, but we’re leading the best way.
He said the expanded eligibility has already made an impact: “It’s really opening up opportunities for consumers across America,” he said. “People are making the most of it loads. It’s an enormous success. The feedback we have now received from brokers is solely amazing.”
He said that the inspiration to lift AMI’s requirements was not UWM’s competition, but a part of the corporate’s product launch protocol. “What we regularly do in our company is bring something to market after which improve it – not only 1%, but many alternative products,” said Elezai. “We wanted to start out with 50% – with the patron population we thought needed it most – after which we made the choice to expand that and help much more.”