Temporary Buydown Program
A temporary buydown is a mortgage option where the interest rate is reduced temporarily for the first one or two years of your mortgage. Once the temporary reduction period ends, you will be responsible for making your full monthly mortgage payment.
1-0 (1 year)
Year 1: Interest rate is reduced by 1%
Year 2 & Beyond: Full Note rate
2-1 (2 years)
Year 1: Interest rate is reduced by 2%
Year 2: Interest rate is reduced by 1%
Year 3: Full Note rate
Lower Monthly Payments: During the temporary reduction period, enjoy making lesser monthly mortgage payments which can help ease you into your full mortgage payment once the temporary reduction period is over.
Less Total Interest: Compared to a fixed mortgage, the temporary buydown mortgage reduces the total amount of interest paid over the life of the loan. You are not expected to pay back any difference between your monthly mortgage payments paid during and after the temporary reduction period.
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LENDING IN ALL STATES EXCEPT: KANSAS, MARYLAND, NEW JERSEY, AND NEW YORK
Information stated above is subject to change without notice. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend or offer an extension of credit. All loans are subject to credit approval. Not all applicants will qualify for all products offered. All loan programs, terms and interest rates are subject to change without notice and may only be available in select markets.