Temporary buydown of interest rate for Kentucky Mortgage Loans

2-1 buydown Kentucky Mortgage Loans for FHA, VA, USDA, and Fannie Mae. 

Temporary buydown of interest rate for Kentucky Mortgage Loans

We are excited to announce our new Temporary Buydown Programs:

Lower Rates & Payments = More Purchase Referrals for you!

We’re here to help strengthen your professional relationships and increase your purchase business with our new

temporary buydown programs. Connect with your builder and real estate agent partners to see how this incentive

could give your borrowers access to temporary lower rates, monthly payments and increases their motivation to

buy. They could also potentially save thousands of dollars in the first few years of their loan!

See the rate benefits below and the attached Buydown Calculator for your use.

 

 2% lower interest rate in the first year

 1% lower interest rate in the second year

1-0 Temporary Buydown

 1% lower interest rate in the first year

A few important things to keep in mind:

 Our buydown program is for the following fixed rate purchase loan types: Conventional, FHA, VA

and USDA. It’s funded by an escrow account carrying a credit balance, which can only be

contributed to by the seller or builder seller, and it is subject to maximum seller contribution.

 The borrowers must also qualify at the Note Rate, not the Buydown Rate.

2-1 and 1-0 buydowns for USDA RD loans.

What are Buydowns for Kentucky USDA RD Loans? The Kentucky Rural Housing USDA Buydown Program provides simple financing options that lowers the interest rate on a mortgage for either 1 year (1-0) or 2 years (2-1), before it rises to the regular permanent rate. Specifics 2-1, and 1-0 temporary interest rate buydowns are allowed on 30 year fixed-rate mortgages for principal residences, purchase only. Not permitted on refinance transactions. The seller or agent may provide funds for the temporary interest rate buydown, subject to standard interested party contribution limits. Lender paid buydowns are not offered. The borrower is qualified at the note rate fully amortized (not the buydown rate) Minimum credit score for loans with buydown is 620

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

What is a seller paid 2-1 temporary buydown on a Kentucky Mortgage Loan Rate

Kentucky homebuyers can start off strong with a lower monthly payment through the American Mortgage Solutions 2-1Temporary Buydown, offering a lower bought-down rate at the beginning of their loan. 

This is a great option for borrowers who have excess seller concessions to use or expect an increase to their income over the next few years.

2-1 buydown - the effective rate is 2% lower in the first year and 1% lower in the second year. In the third year, the full note rate will apply.

The borrower must qualify for the full monthly payment (before the buydown rate is applied)

Seller concessions are deposited as a lumpsum into a buydown account.

A portion of this sum is released each month to reduce the borrower’s

monthly payment.

Check out the example of potential savings through the American Mortgage Solutions 2-1 Temporary Buydown

Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916


American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364



Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).