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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
October 22, 2024
REMINDER: Permanent Rate Buydown Requests
Dear Lending Partners,
Just a friendly reminder regarding permanent rate buydown requests.
Permanent buydown requests must be made and a permanent buydown selected no later than 2 business days from the date of reservation. The buydown selection must be made no later than 4pm PT by the 2nd business day.
Our lockdesk quote permanent rate buydowns daily from 9am-3pm PT Monday through Friday, excluding holidays.
We are only able to quote a percentage to buydown or a target interest rate(s). We are unable to quote in dollars.
Additional details may be found in Section 2 of the Home Advantage manual.
Downpayment assistance funds cannot be used to pay the buydown costs.
PLEASE NOTE: Once a loan has been reserved/locked the loan is being hedged and permanent rate buydown requests cannot be honored after 2 business days have passed from date of reservation.
Please complete this form to request a buydown pricing quote for an available Home Advantage or Covenant first mortgage program option.
If you have any questions, please email Corinna Obar