|2-1 and 1-0 buydowns for Kentucky Rural Housing USDA RD loans Interest Rates.|
|What are Buydowns for Kentucky USDA RD Loans?|
The Kentucky Rural Housing USDA Buydown Program provides simple financing options that lowers the interest rate on a mortgage for either 1 year (1-0) or 2 years (2-1), before it rises to the regular permanent rate. Specifics2-1, and 1-0 temporary interest rate buydowns are allowed on 30 year fixed-rate mortgages for principal residences, purchase only. Not permitted on refinance transactions.The seller or agent may provide funds for the temporary interest rate buydown, subject to standard interested party contribution limits.Lender paid buydowns are not offered.The borrower is qualified at the note rate fully amortized (not the buydown rate)Minimum credit score for loans with buydown is 620
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Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
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NMLS ID# 57916, (www.nmlsconsumeraccess.org).