AC-019 Temporary Interest Rate Buydowns
In this rising interest rate environment, FLCBank is pleased to announce, effective today, we are offering Temporary Interest Rate Buydowns to help Borrowers reduce their monthly payments in the first year or the first 2-years of their mortgage depending on the buydown term chosen.
Summary of Temporary Buydown Offer:
- 30 Years Fixed Rate
- Purchase of the Borrower(s) Primary Residences
- Single Family Residences and PUD
- FNMA, FHLMC, FHA, and VA
- Buydown Options
- 2-1 Buydown: Initial interest rate is temporarily reduced by 2% below the Note Rate and increased by 1% annually for the first 2 years
- 1-0 Buydown: Initial interest rate is temporarily reduced by 1% below the Note Rate for one (1) year
- The Borrower is qualified based off Note Rate
- Seller/Builder paid closing costs can be used to fund the buydown (subject to Interested Party Contribution limitations)
- Interim interest is charged at the Note Rate
For more information, please access the guidelines posted in our resource center.
Download the complete Bulletin for Helpful Documentation.