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UWM and Rocket Mortgage offer 1% down mortgages. Is there a catch?

houstonchronicle.com · 37 words · saved by 1 readers

Two of the nation’s largest mortgage providers have announced 1% down payment programs. United Wholesale Mortgage, which offers mortgages through independent mortgage brokers, and Rocket Mortgage are both offering Houstonians earning less than $75,280 a year grants meant to make homeownership more affordable. When Lorena Castro, a loan officer with Clear Choice Home Loans based out of Pearland, first heard about UWM’s 1% down payment program, she wondered, “Okay, what’s the catch?” She had seen other programs offer down payment assistance — some require no down payment at all — but such programs typically charge higher interest rates. But representatives from UWM and Rocket Mortgage say there is no catch, and interest rates are no higher with the program. The millions they’re putting into the program not only help middle-class homebuyers but also act as an effective form of advertising, according to the companies. “You clearly are not going to make as much money on these, but it allows

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