A temporary buydown is a way to use cash from seller (seller assist) to temporarily reduce the borrower’s mortgage payment. The Buydown/Subsidy funds are deposited into an account, similar to escrows, and held by the mortgage servicer. The borrower’s monthly mortgage payment is supplemented with the subsidy funds for the term of the buydown (i.e., 36 or 24 months).
Loan Details:
- Fixed Rate, Conventional Loan
- Primary Residences
- Single Family Residences, PUD and Condos
- Purchase Transactions only
- Seller/Builder funded buydown
Reach out for more information!