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:
Buydowns are not available for the following:
Please contact your Account Executive or Relationship Manager with Questions
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