Heather Roques, Mortgage Specialist, for City National Bank, provided the below information on a brand new 3-2-1 Buy-down program.
This program is designed to help stimulate economic growth by allowing licensed
homebuilders the ability to offer a very affordable mortgage loan utilizing a temporary
interest rate buy-down plan on homes that are newly constructed (never occupied) or to
be constructed. Financing is for the end loan only, not for the construction phase of the
► Single family, owner occupied homes and new double wide manufactured homes
► No home price limits, loan limit of $417,000
► Only 5% down - mortgage insurance required
► No first time homebuyer requirement
► 10, 15, 20 or 30 year terms
The borrower's payment would be equivalent to rate being 3% less the first year, 2% less
the second year and 1% less the third year than the note rate. At the end of the third
year, the rate as stated on the note will continue throughout the remaining term of the
loan. The current note rate, as of 4/29/09 is 5.25%. Rates change daily so be sure to call
for current rate quotes on this and other programs.
Call Heather for more information on this program at (304) 647-1629, or email her at