Anneliese Lederer, senior policy counsel at the Center for Responsible Lending, said it’s crucial for homeowners considering the UWM loan program to be educated about the terms and conditions. “Using fun lines like ‘no-down payment’ sounds exciting and great. But you need to read the fine print,” Lederer said. “This could be a fantastic product to allow people who can afford the mortgage payment but don’t have the down payment to access homeownership. But the question is: How do you pay off that second mortgage? What is the plan? Right now there is no plan.”
