Blog posted On September 01, 2022
Housing affordability has become increasingly difficult in 2022 as home prices and mortgage rates have trended higher. Many buyers are eager to escape soaring rent prices but struggling to find affordable ways to buy a home. A couple of popular loan options for new buyers are FHA Loans and VA Loans. They’re generally easier to qualify for and offer more lenient underwriting requirements. Plus, you can now lower your monthly mortgage payments for up to three years with our temporary interest rate buydown for FHA and VA Loans.
What is a temporary interest rate buydown?
An interest rate buydown gives home buyers lower monthly mortgage payments for up to three years. After the buydown period is over, the mortgage rate will return to its initial level and continue the rest of the term as a fixed rate. Unlike an adjustable-rate mortgage, your mortgage rate will not ebb and flow with the market rates. This appeals to many buyers due to the predictable monthly payments and stability.
How to get a lower mortgage rate with the temporary buydown
If you’re wondering how to get a lower mortgage rate on your FHA or VA Loan, ask us about our Temporary Interest Rate Buydown.