Temporary Buy Down Program

⚡️Temporary Buydown Highlights ⚡️
• 30 year Fixed Rate Mortgages
• Primary Residences only
• Single Family Residences, PUD and Condos
• FNMA, VA, and FHA only – No DPA allowed
• Purchase Transactions only
• Term: 24 months (2-1)
• Borrower(s) are Qualified off Note Rate not buydown rate
• Buydown cost is paid by Seller/Builder concessions
• Seller Concessions:
Max 6% on FHA,
Max 4% on VA
Max 6% up to 90% FNMA
Max 3% greater than 90% FNMA *
Not available for Manually Underwritten Loans on FHA.
⚡️Temporary NONQM Buydown Highlights ⚡️
Non-QM buydowns give borrowers a reprieve from a higher rate during the first two years of their loan, helping a home purchase budget go farther.
30 year fixed rate only
Allowed on primary residence, investment and 2nd homes
Purchase transactions only, not permitted on refinances
Permitted on 1-2 Unit Single Family Residence, PUD and Condo only
Seller/Builder paid only
Standard Interested Party Contribution guidelines apply
2-1 Buydown:
- 24 month term
- Initial interest rate is temporarily reduced by no more than two (2) percent below the note rate for year one (1) and reduced by no more than one (1) percent below the note rate for year two (2). The non-reduced note rate applies for years three (3) through thirty (30).
1-0 Buydown:
- 12 month Term
- Initial interest rate is temporarily reduced by no more than one (1) percent below the note rate with the non-reduced note rate applying for years two (2) through thirty (30).