URW Temporary Buydown Options Available Now!
We are pleased to announce that URW is now offering Temporary Buydown Options on our Wholesale Channel! Reduce your borrower’s effective mortgage payment in the early years of the loan term with a temporary buydown!
Available Buydown Types:
2-1-0 Buydown/ 30- year fixed rate/ Purchase
· Payment calculated at 2% below the note rate for the first year.
· Payment calculated at 1% below the note rate for the second year.
· Payment is calculated at the note rate for years three through maturity.
1-0 Buydown/ 30- year fixed rate/ Purchase
· Payment calculated at 1% below the note rate for the first year.
· Payment calculated at the note rate for years two through maturity.
· FNMA – Standard and High Balance, Home Ready
· FHLMC – Conforming, Super Conforming, Home Possible
Minimum FICO scores:
· Seller / Builder only – subject to Interested Party Contribution limits per Agency guidelines.
· Borrower and Lender funded buydowns are not permitted.
· Borrower will qualify based upon the note rate. If reserves are required, they will be calculated using the PITIA based on the note rate.
Please reach out to your URW Account Executive with questions. Thank you for your business!