New Temporary Rate Buydown Program

July 17, 2023

Overview

Effective July 17, 2023, Carrington Mortgage Services, LLC (CMS) is pleased to introduce a new temporary rate buydown program which provides affordable options for prospective homebuyers.  Temporary buydowns are when up-front funds are deposited into a buydown custodial account to temporarily reduce the interest rate, as well as the effective monthly mortgage payment, for a specific timeframe.

The new temporary rate buydown program is available for all FHA, VA and Conventional Conforming purchase transactions with the *Conventional exceptions listed below.  Borrowers must qualify at the note rate. All buydown fees must be seller-paid and comply with the interested party contribution limit for the applicable product. CMS offers the following buydown options:

  1. 3-year: 3/2/1
  2. 2-year: 2/1
  3. 1-year: 1/0

Ineligible Loans

Buydowns are not available for the following:

  • Non-Agency loan products
  • Conventional investment properties
  • Conventional manufactured properties
  • Conventional 3-4 Unit Home Possible loans,
  • Second Lien loan products
  • All Refinance transactions across all loan types

Contact

Please contact your Account Executive or Relationship Manager with Questions

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third-party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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