AC-034 Updates to Temporary Interest Rate Buydowns Options

NOTICE TO ALL CUSTOMERS

Great News on Temporary Interest Rate Buydown Options

FLCBank is pleased to announce the acceptance of 3-2-1 Temporary Interest Rate Buydowns on Conventional Loans effective December 15, 2022, to help Borrowers reduce their monthly payments in the first 3 years of their mortgage.

Summary of Temporary Buydown Offer on Conventional Transactions:

  • 30 Years Fixed Rate
  • Purchase of the Borrower(s) Primary Residence
  •  Single Family Residences and PUD
  • FNMA and FHLMC Conforming and High Balance/Super Conforming Loan Amounts
  • Temporary Interest Rate Buydown Options
  • 3-2-1 Temporary Buydown: Initial interest rate is temporarily reduced by 3% below the Note Rate and increased by 1% annually for the first 3 years
  • 2-1 Temporary 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 Temporary Buydown: Initial interest rate is temporarily reduced by 1% below the Note Rate for one (1) year
  • The Borrower is qualified based on Note Rate
  • The Seller/Builder/Realtor can pay for the temporary interest rate buydown cost in whole, or by splitting the cost (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
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