Overview

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:

1. 3-year: 3/2/1
2. 2-year: 2/1
3. 1-year: 1/0

Ineligible Loans

Buydowns are not available for the following:

• Non-Agency loan products
• Conventional investment properties
• Conventional manufactured properties
• Conventional 3-4 Unit Home Possible loans,
• Second Lien loan products
• All Refinance transactions across all loan types

Contact

Please contact your Account Executive or Relationship Manager with Questions