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 2-1 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.
Learn more about 2-1 buydowns here.
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 on your side, reach out today and talk with a loan officer near you.
Are you of retirement age and looking to pull the equity from your home? The Home Equity Conversion Mortgage (HECM), 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.
To be eligible for this type of mortgage, the following requirements must be met:
The following eligible property types must meet all FHA property standards and flood requirements: