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The 2-1 temporary buydown offer is funded by Simply Approved. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year. Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Simply Approved. Additional restrictions/conditions may apply. This is not a commitment to lend.

The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1,876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown are valid as of August 20, 2024. Some state and county maximum loan amount restrictions may apply.

Partner Agent Credit: Clients purchasing with a Simply Approved Partner Agent will receive a lender-paid credit that is 1.25% of their loan amount. For example, on a $200,000 home purchase with a 5% down payment, resulting in a loan amount of $190,000, the client would receive a credit of $2,375 toward closing costs.

Agent Referral Credit: Clients referred by a real estate agent to buy a new home will receive a lender-paid credit of 0.50% of their loan amount. This offer does not apply to loans submitted through an Executive Loan Officer, mortgage broker, or on non-agency jumbo loans, non-QM loans, bank statement loans, second lien products, or team member loans. This credit is nontransferable and cannot be redeemed for cash. Additional conditions apply.

Home Sale Rebate: For clients selling their home through a Simply Approved Partner Agent, Simply Approved will rebate up to .5% of the final sale price. The rebate will be issued within 30 days after the settlement statement and any other required documents are received. Clients retain the right to negotiate their listing agreement, and the rebate is only available through participating agents. The offer is unavailable in certain states and cannot be combined with any other Simply Approved rebate or incentive.

Simply Approved is a registered trademark licensed to Simply Approved, LLC. Simply Approved fully supports the principles of the Fair Housing Act.