2-1 Buydown Program
What is a 2-1 Buydown Program?
This is a type of financing that lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate. A buydown can benefit all parties involved as it can help to sell a home quicker or give a homebuyer an extra incentive to make the purchase.
2-1 Buydown Program Details
- All conventional (fixed and ARM) and FHA (fixed rate only) loans
- Excludes manufactured homes
- Seller-paid only
Learn more about 2-1 buydowns here.
Lock and Shop Program
Take advantage of locking in your rate while you shop for your home!
With rates changing so rapidly in this market, we recognize the need to feel comfortable while shopping for your home without losing the rate you were approved for. Our Lock and Shop program gives you that flexibility.
Now you can lock in your rate, shop confidently for a home that fits your needs, and close within 60 days with that confirmed rate. If you’d like time to be more on your side, reach out today and talk with a loan officer near you.
Reverse (HECM) Mortgage
Are you of retirement age and looking to pull the equity from your home? The HECM, short for Home Equity Conversion Mortgage, is the only reverse mortgage insured by U.S. Federal Government. HECM is a reverse mortgage that is increasing in popularity to supplement income. This reverse mortgage is only available through an FHA-approved lender, like GoPrime Mortgage.
Reverse (HECM) Program Requirements
To be eligible for this type of mortgage, the following requirements must be met:
- Be 62 years of age or older
- Own the property outright or have significant equity
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Have financial resources to continue to make timely payments of ongoing property charges such as property taxes, insurance, homeowners association fees, etc.
- Participate in a consumer education session given by a HUD-approved HECM counselor
The following eligible property types must meet all FHA property standards and flood requirements:
- Single family home or 2-4 unit home with one unit occupied by the borrower
- HUD-approved condominium project
- Individual condominium units that meet FHA requirements
- Manufactured home that meets FHA requirements
- Income, assets, monthly living expenses, and credit history will be verified
- Timely payment of real estate taxes, hazard, and flood insurance premiums will be verified