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2/1 Buydown Program
Fairway offers temporary buydowns funded by the seller on the following loan programs:
- Conventional 1/0 and 2/1 temporary buydown
- VA 1/0 and 2/1 temporary buydown
- FHA 2/1 and 1/0 temporary buydown
- USDA 2/1 and 1/0 temporary buydown
A temporary buydown allows some of the interest to be prepaid on a fixed-rate mortgage in exchange for a discounted interest rate for the first one to two years of the mortgage, after which the interest rate reverts to the full note rate for the remainder of the loan.
How does it work?
A 2/1 temporary buydown is a temporary reduction below note rate of two percent (2%) during the first year and a reduction below note rate of one percent (1%) during the second year of the loan, after which the interest rate reverts to the full note rate for the remainder of the loan. The interest rate change from years one to two is automatic, and you are not required to requalify for the loan. A 1/0 temporary buydown works the same way, but the reduction below note rate is one percent (1%) for the first year of the loan, after which the interest rate reverts to the full note rate for the remainder of the loan.
Note: The borrower is required to qualify at the full note rate
Example:
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Contact Us
The Williams Group
11811 N Tatum Blvd Ste 2700 Phoenix, AZ 85028 2550 Meridian Blvd #200 Franklin, TN 37067 602-684-5890 williamsteam@fairwaymc.com
Hours
Monday - Friday: 8am - 5pm
Saturday: By Appointment
Sunday: By Appointment
Copyright©2022 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Other restrictions and limitations may apply. Equal Housing Lender. AZ License #BK-0904162.
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