Kentucky homebuyers can start off strong with a lower monthly payment through the American Mortgage Solutions 2-1Temporary Buydown, offering a lower bought-down rate at the beginning of their loan.
This is a great option for borrowers who have excess seller concessions to use or expect an increase to their income over the next few years.
2-1 buydown - the effective rate is 2% lower in the first year and 1% lower in the second year. In the third year, the full note rate will apply.
The borrower must qualify for the full monthly payment (before the buydown rate is applied)
Seller concessions are deposited as a lumpsum into a buydown account.
A portion of this sum is released each month to reduce the borrower’s
monthly payment.
Check out the example of potential savings through the American Mortgage Solutions 2-1 Temporary Buydown
Have Questions or Need Expert Advice? Text, email, or call me below:
Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
Text/call: 502-905-3708
fax: 502-327-9119
email: kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/
NMLS ID# 57916, (www.nmlsconsumeraccess.org).
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