Purchasing a new home can be a big step for many home buyers. Relieve some of your stress and ease into owning a home with Summit Funding’s Smooth Start Program! Through an agreement with your home’s seller, you can temporarily reduce your interest rate for first 2 or 3 years of your loan term.
- Cost of buydown is funded by the seller or builder and is included in the purchase agreement
- Funds are deposited into a buydown account and released each month to reduce the borrower’s mortgage payment
- Buydown is available for the first 2 or 3 years of the loan
- Primary residence, 30 year fixed, purchase transactions
Get in contact with a Summit Funding loan officer today to learn more about this program!
Occupancy- primary residence, 1-4 units or second home with 1 unit. Loan type/term – 30 year fixed, purchase only. Borrower must qualify on the note rate, not the buydown rate. Buydown must be agree upon between seller and buyer and disclosed in sales contract. After the buydown period, the note interest rate will apply. Additional borrower and property limitations may apply, speak with your Summit Funding loan officer to find out more information about Temporary Interest Rate Buydown