Lenders and Real Estate Professionals
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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
February 21, 2024
Reminder: Temporary Rate Buydown
Dear Lending Partners,
The webinar will cover the following key features and benefits:
Just a reminder…A temporary rate buydown on our Home Advantage or House Key loans are permitted on loans being serviced by IHFA. When applying a temporary buydown you will need to email our lockdesk@wshfc.org once the loan reservation has been made. We require the borrowers full name, reservation number and the type of buydown (2/1, 1/1, or 1/0). 3-2-1 temporary buydowns are permitted on conventional loans only.
Lender is required to calculate and collect required funds, document the file accordingly and send funds at time of loan closing to IHFA.
PLEASE NOTE: Downpayment assistance funds cannot be used for the buydown.
Further details can be found in section 2 of the Home Advantage manual.
If you have additional questions, please email Corinna Obar.