Frustration to Homeownership With A Zero Down Purchase Program

Reducing homeownership frustration can be achieved by removing the biggest hurdle most first-time buyers encounter: the down payment.

Meet the Thompsons, a family of four who dreamed of owning their first home for years. Like many families, they faced significant barriers to entry, including the daunting task of saving for a down payment.

Their journey from frustration to joy highlights the transformative power of UWM’s Zero Down Purchase Program.

The Thompsons’ Frustration

For years, John and Sarah Thompson diligently saved every extra penny. They lived frugally, skipped vacations, and cut back on non-essentials, all hoping to one day own a home where their children could grow up. Despite their best efforts, the down payment seemed a never-ending obstacle.

“Every time we thought we were getting close, something would come up – car repairs, medical bills, school expenses,” John explained. “We were stuck in a cycle, and it felt like we’d never break free.”

Discovering a Homeownership Lifeline

Their turning point came during a casual conversation at a neighborhood gathering. A friend mentioned Wade Betz’s team and their innovative approach to home financing. Intrigued and hopeful, the Thompsons reached out to learn more.

From the first meeting, it was clear that Wade’s team was different. They introduced the Thompsons to UWM’s exclusive Zero Down Purchase Program, explaining how it could turn their dreams into reality without the need for a hefty down payment.

Understanding the Zero Down Purchase Program

Wade’s team patiently walked the Thompsons through the program details:

• Second Lien Mortgage: UWM provides a second lien mortgage covering 3% of the purchase price, up to $115,000. This second lien has no mortgage payment requirements and no interest, with the balance due only when the first lien is refinanced or paid off.
• Qualification Paths: The program offers two main qualification paths: income-based and first-time home buyer qualifications.

Path from Frustration to Homeownership

Income-Based Qualification

Sarah’s role as a school teacher and John’s job as a technician meant their combined income was below 80% of the area median income. This made them eligible under the income-based qualification path.

• Home Possible Guidelines: They met all necessary requirements.
• Additional Benefit: With their income at or below 50% of the area median income, they qualified for a $2,500 credit, which reduced their debt obligation from the second lien.
• FICO Score and LTV: Their FICO scores were above 620, and the loan-to-value ratio of their prospective home fell within the required range.

First-Time Home Buyer Qualification

Additionally, since they had not owned a home in the last three years, they also qualified under the first-time home buyer criteria.

• Guideline Requirements: They met all HomeOne and UWM’s guidelines.
• FICO Score and LTV: Both John and Sarah’s credit scores exceeded 700, fitting perfectly within the program’s stipulations.

Overcoming Barriers with Expert Guidance

Wade’s team not only guided the Thompsons through frustration to homeownership but also helped them navigate the complexities of home buying with clarity and confidence. “It felt like they were holding our hands every step of the way,” Sarah said. “For the first time, buying a home felt achievable.”

The Moment of Triumph

When the Thompsons finally closed on their new home, it was a moment of pure joy and relief. They had a place to call their own, where their children could play in the backyard and where they could build lasting memories. “We’re beyond grateful to Wade’s team and the UWM program,” John shared. “They made the impossible possible.”

Conclusion

The Thompsons’ story is a testament to how your frustration to homeownership journey begins with the right mortgage team. If you’re like the Thompsons, dreaming of home ownership but held back by financial barriers, Wade Betz’s team can help you navigate the path to your dream home. For more details and to see if you qualify, reach out to Wade Betz’s team today.

Thank you for joining us on this journey. If you found this story inspiring, don’t forget to like, comment, and subscribe for more heartwarming stories and home buying tips. Until next time, happy house hunting!