A temporary buydown is an option that creates a funded buydown account that is used to temporarily reduce the borrower’s monthly payment during the initial year(s) of the loan. The Note Rate remains constant; only the borrower’s payment is reduced.
AAA LENDINGS Agency Loan Program:
We offer the Standard Fannie Mae and Freddie Mac's Conforming,High Balance, HomeReady and HomePossible Loan Program, All requirements follow with Fannie Mae and Freddie Mac Seller Guideline.
Agency Loan Program, namely:
②FNMA/FHLMC HIGH BALANCE
Eligible Products: 30-Year Fixed Rate.
Transaction Types: Purchase.
Occupancy and Property Type (Includes Condominiums and PUDs if otherwise eligible): Principal Residence (1- to 4-Units).
The First Year Rate is 4.375%
· 2-1 Buydown (For other temporary buy-down model including 3-2-1, 1-0 and so on, please call for more details.)
· 30 Years Fixed
· Note Rate 6.375% (Note rate quotes as of 11/21/2022, subject to market change)
· Loan Amount $500,000 * Max. seller credit 2.5% to cover the cost (including buydown rate)
|Year 1||Year 2||Year 3, 4, 5, …|
|Mthly PMT Saving||$622.92||$319.49||/|