Happy family moving into their new home

2-1 Temporary Buydown

A 2-1 Temporary Buydown is a special type of financing that allows for a buy down of the interest rate for the first two years of your home mortgage.

Don't Wait, Buy Today! Look at What You Could Save!

Young lady dreaming about new home 2-1 Temporary Buydowns help people qualify for loans!

Dad pushing son in box through home Interest Payments are reduced for the first two years in exchange for a cash deposit.

Woman holding home in her hands Allows the seller or the builder to contribute to your temporary interest buydown.

Kids running into new home FNMA, FHLMC, FHA, VA, and USDA fixed rate purchase transactions are eligible

For information purposes only. Information and data may change without notice. Rates show as of 8/16/22 on a 30-day lock, 720 FICO, 30 year conventional fixed, $540,000 loan amount, 30yr = 360 payments.

2-1 Temporary Buydown FAQs

» What products are eligible for a temporary rate buydown?

» What is the effective date of the temporary buydown program?

» Will BOEM allow a temporary buydown on a refinance?

» Can a temporary buydown be done on a 2nd home or non-owner occupied property?

» Does BOEM require a separate temporary buydown agreement?

» Should the Note reflect the temporary buydown payment amount?

» Does the payment stream on the LE/CD reflect the reduced payment?

» Where would a temporary buydown appear on the LE and CD?

» Who can contribute to a temporary buydown?

» If a temporary buydown is seller or builder paid, does that count in the interested party contributions?

» Can a borrower contribute to a temporary buydown?

» Is there a minimum FICO Score?

» Can you have a buydown on an ARM loan?

» If the borrower becomes delinquent, can the loan be brought current using the buydown subsidy?

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About Bank of England Mortgage

Since 1898, we've focused on putting you first. From our humble roots in 19th-century Arkansas, we have grown, becoming a mortgage powerhouse with offices in over 40 states. This growth is driven by our client first attitude and making decisions based on what is in your best interest. We're local and we know our borrowers. We see you every day at the grocery store, at little league games and at the PTA. Because we know our you so well, we are more in tune with what you need and can identify the best way to help you reach your goals. When that knowledge is combined with our mortgage expertise, great things happen.

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Monsour Mortgage Pros
4705 Oleander Dr Suite C
Myrtle Beach, SC 29577

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