Lender creates and funds an escrow account that’s used to cover the difference between the full monthly mortgage payment and the payment with the reduced rate until the buydown expires.
Source: Inman News
Rocket funding 2-year rate buydowns for low-income buyers
Published in Bill Banfield, Buyers Tools, fannie mae, FHFA, freddie mac, Guaranteed Rate, Mortgage, mortgage rate buydown, Rocket Mortgage, Select and temporary buydown
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