What is the Temporary Buydown？
Buydown is a way for a borrower to obtain a lower interest rate by paying discount points at closing. In the case of discount points, the interest rate is lower for the loan term.
Eligible Programs
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:
①FNMA/FHLMC CONFORMING
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).
Loan Scenario
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 11/18/2022, 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, … |
|
Interest Rate |
4.375% |
5.375% |
6.375% |
|
Mthly PMT |
$2,496.43 |
$2,799.86 |
$3,119.35 |
|
Mthly PMT Saving |
$622.92 |
$319.49 |
/ |
