Conflicting Information at Purchase Workshop

Home Forums Purchase Program Conflicting Information at Purchase Workshop

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #64389

    So we’re at our purchase workshop and the In House RA is saying some things that are very different than what I’ve learned on this forum regarding buydown limits. I’m assuming the information here is correct, but yikes that’s stressful and confusing. She said she had a client close with a 1.25% interest rate last week when I asked specifically.

    #64391
    Nelsont
    Member

    It has to do with when the contract was put in. The new hopefully temporary rules are for new contracts. They did not go backwards and limit the buy downs on all existing contracts.

    Side note. The 15 year mortgage has a lower interest rate to start and I believe larger steps in the points for the same price. So 1.25% is doable under the new rules for a 15 year loan.

    • This reply was modified 9 months, 2 weeks ago by Nelsont.
    #64393
    frankysmom
    Member

    @bakerthebaker what did she say, exactly?

    #64395

    She said “If something changed, they haven’t told me. I just had a client close last week on a 30 year mortgage with a 1.25% rate.” I will qualify that by saying she struggled to explain how the buydown worked at all, and someone else intervened to explain it correctly, so I am chalking it up to her being confused or misinformed.

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter