Buy-downs - Buy Downs have been around for more than 25 years. A buy down literally means - buying down the interest rate over a period of time to gradually step you up into your payments for the first 3 years of the mortgage. Sellers, builders, Realtors and Lenders can pay the cost of buy downs. They can buy the rate down by as much as 3% on most programs. This allows the buyer to have more manageable payments in years 1, 2 and 3. In a buy down scenario you are still qualified at the normal rate.

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