Temporary Interest Rate Buydowns

Help borrowers reduce their monthly payments for 1 up to 3 years.

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 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

Temporary Interest Rate Buydown Highlights:

Available on HomeReady and HomePossible programs
30 Years Fixed Rate Mortgages
Primary Residence and Second Home
Minimum Credit Score 680
1-Unit SFR, PUD (Attached/Detached)
FNMA, FHLMC, FHA, and VA
Purchase Transactions only
Only Seller/Builder/Realtor funded temporary buydowns are accepted at FLCBank
The Borrower is qualified based on the Note Rate
Seller/Builder/Realtor paid closing costs can be used to fund the buydown (subject to Interested Party Contribution limitations)
Interim interest is charged at the Note Rate