HOW DOES IT WORK?
What? Seller concessions can be used to pay the upfront fee with a seller-paid temporary rate buydown.
Who? Borrowers who have seller concessions or would like to have a lower interest rate in the beginning of their mortgage for a lower monthly payment. The borrower must qualify with the initial note rate.
PARAMETERS – Which type of Mortgages offer this Concession?
Purchases only
Eligible Products:Conventional fixed and ARMs – Primary and second homes only
Jumbo 30-Year Fixed Blue, Pink and Yellow – Primary and second homes only
Jumbo 30-Year Fixed Blue is only eligible for seller-paid temporary buydowns
Bank Statement 30-Year Fixed Orange – Primary and second homes only
FHA and VA Primary homes only
No USDA products
Not available on manufactured homes
Buydown Options: 3-2-1, 2-1, 1-1 and 1-0 tiers
Only the 2-1 and 1-0 options are available on Jumbo 30-Year Fixed Blue, Pink and Yellow and Bank Statement 30-Year Fixed Orange
BENEFITS
- Great opportunity to help sellers get a property sold without affecting the sales price. Great option for when interest rates are high. The benefit goes directly to the borrower
- A great way for borrowers to use any excess seller concessions that often go unutilized• A lower interest rate for the first 1-3 years allowing the borrower to have a lower monthly payment
- Borrower can use the monthly savings to do renovations, upgrades, or buy furniture for the new home
- In a high interest rate environment, borrowers will more than likely be able to refinance to a lower rate than the one they will adjust to after the 1-3 years
- Easier transition from renting to buying by easing the borrower into their mortgage with a lower payment
Contact us today if you wish to discuss the sale of your property and we will be happy to chat with you about all the options and strategies for a successful property sale!
VACAY & CO REAL ESTATE helps today’s home investors buy and sell vacation rental homes throughout DISNEY WORLD AREAS – we serve 25 miles around Disney World, Orlando. We can help you maintain your short-term rental income while you sell your home and still get the highest return on your investment.
Looking to sell your vacation home in the Disney areas? Give us a call at (321) 284 3600 or email us for more information: Email: [email protected]. We are excited to be able to help you further.
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