Home Equity Loan (Closed-End Second)

A home equity loan provides a straightforward solution, offering a lump sum of cash with a fixed interest rate and a set repayment term. UWM offers various home equity loan options, empowering you to provide borrowers with the financial certainty they desire and giving you a strong competitive edge against big banks and retail lenders.

640+ FICO®, up to 85% CLTV
DU only
Up to 50% DTI
Loan amounts $25,000–$500,000
10-, 15-, 20-, 25- and 30-year terms
For loan amounts up to $250,000 and approved AVM, an exterior-only appraisal or full appraisal is required. For loan amounts over $250,000, a full appraisal is required.
Eligible for primary, second and investment homes

680+ FICO, up to 90% CLTV
DU only
Up to 50% DTI
Loan amounts $20,000–$500,000
20- and 30-year terms
For loan amounts up to $400,000 and approved AVM, an exterior-only appraisal or full appraisal is required. For loan amounts over $400,000, a full appraisal is required.
Eligible for primary, second and investment homes

Standalone Home Equity Loan

Independent of who originated the loan, this product offers current homeowners a simple way of tapping into their home’s equity when a cash-out refinance doesn’t make sense due to having a low interest rate on their current mortgage. It’s a popular option for accessing cash that can be used to consolidate and pay down debt, make home improvements, cover tuition and more.

Piggyback Home Equity Loan

This product allows qualified conventional borrowers to secure a new mortgage on the home while simultaneously opening a home equity loan. Doing so allows borrowers with less cash available for a down payment to borrow additional money that can help them avoid mortgage insurance. It’s also a great option for borrowers with jumbo loan amounts who want to qualify for a conforming loan instead.

UWM offers two home equity loan products with piggyback and standalone options that deliver transparency of investor guidelines and borrower qualifications to help you choose the right home equity loan for every borrower. With options up to $500,000 that include 10-, 15-, 20-, 25-and 30-year terms, we make it easy for you to help your borrowers and retain their business.

Home Equity Loans
Product	Min FICO	Max DTI	Max CLTV	Loan Amounts	Terms
Yellow	640	50%	85%	25,000–500,000	10-, 15-, 20-, 25- and 30-year
Pink	680	50%	90%	20,000–500,000	20- and 30-year

Information subject to change. Certain restrictions apply. Subject to borrower approval.

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Home Equity Loan

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