What Is a 2-1 Buydown?
Lamacchia Realty
OCTOBER 31, 2022
Buydowns work with conventional loans, FHA, and VA loans only, not jumbo loans. A 1-year buydown is also the same idea only it only lasts 1 year, the payment goes down as if the rate was 1% less and costs less to the seller. For a 2-1 buydown the concession is 2.3%, and for a 1 buydown the seller concedes 1.6%.
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