And speaking of the limited metro areas the products will be available for: “We’re working in partnership with HomeReady,” he stressed. “It’s a question of which cities need more affordability of homes — that’s probably the best way to put it. These are specific areas where you’re like, ‘Hey, these metropolitan areas like Baltimore or Chicago are areas that have a lot of opportunity to make a big impact on those communities.’” Describing the benefits of the BorrowSmart program: “Same as Detroit, Baltimore and Chicago are targeted geographically, so you can get an idea of the cities — there’s some overlap. These borrowers receive up to $10,000 down payment and closing costs, which is another big win for people who can take advantage of it.” It’s for borrowers. The products appear at a time when the housing industry is tightening, with housing inventory scarce on an inflationary backdrop characterized by high mortgage rates. But Elizage insisted the programs are designed to help potential homeowners more than brokers seeking market share gains in a tightening environment. “I would say those are not a driver,” he said. Needle for us,” he said. “It’s not really driving from a revenue standpoint but it’s the right thing to do, just like we did with the 1% drop. I think it helps brokers to have additional products that help consumers in the areas they live in – when, in their community, the broker is able to satisfy and assist the borrower who needs affordable products the most. Giving this opportunity to help those borrowers with down payment assistance is another great look, but from the overall big picture it doesn’t look like we’re driving a bunch of business but doing the right thing and helping borrowers.” In April UWM launched a “traditional 1%” offer designed to entice borrowers seeking affordability by offering an additional 2% grant for a total package of up to $4,000 down payment on a home. The product garnered some criticism centered around the total offered. Some have suggested it may not be much help.Moreover, critics say the program’s requirements—available to homebuyers with incomes at or below 50% or less of the area median income (AMI) and 97% LTV—has the potential to reduce the pool of eligible applicants even further, something UWM suggests is inaccurate.