REION – Spring is a time for fresh starts, and if you’re buying a home, a temporary buydown could help make buying a home more affordable in the first year. Prime Lending’s Spring into Savings Buydown offers a way to reduce your initial mortgage payments, giving you more financial flexibility as you settle in.
The Spring into Savings Buydown is a 1-0 temporary buydown available on FHA, VA, and USDA loans. It works by lowering your interest rate by 1% for the first year, which results in lower monthly payments during that time. Prime Lending funds the buydown by depositing the necessary amount into an escrow account, so there’s no added cost to you. After the first year, the loan returns to its standard fixed rate.
Homebuyers must apply for and lock loan through Prime Lending between Feb. 1 and April 30, 2025. Savings will reflect on the closing disclosure. This offer is only available for FHA, VA, and USDA purchase loans, and excludes bond, broker, conventional products, high balance, jumbo products, portfolio products, construction loans, and refinances. Offer can be paired with Prime Lending VA No Lender Fees promotion, all other promotions are excluded. Certain loan programs do not allow buydowns. Additional restrictions may apply, contact a Prime Lending loan officer for details. Subject to credit approval.
For those using a VA loan, this program can be combined with Prime Lending’s VA No Lender Fees promotion, offering additional savings for eligible borrowers. All lender closing costs, such as origination, processing, underwriting, and closing will be waived. The borrower is still responsible for third-party fees, such as VA funding fee, title, and appraisal, etc. Down payment waiver is based on VA eligibility. Must apply for loan by June 30, 2025. Savings only applies to direct originations made by Prime Lending for first mortgage purchase or refinance transactions, and is not available on loans obtained through mortgage brokers. Only one offer per loan transaction is available, and savings cannot be combined with any other offer, discount, or bond program. Savings will reflect on closing disclosure at closing. Subject to credit approval.
A temporary buydown can be structured in different ways, with a seller or home builder covering the cost. The Spring into Savings Buydown, however, is funded by Prime Lending, which means borrowers can take advantage of lower initial payments without needing a seller contribution.
Some key benefits include:
Lower initial payments – A reduced interest rate in the first year means lower monthly mortgage payments, which can help with affordability.
A smoother financial transition – The first year of homeownership comes with new expenses. A lower payment upfront can provide some financial flexibility.
No added cost to you – Since this buydown is funded by Prime Lending, it reduces upfront costs without increasing your overall loan amount.
If you’d like to explore how this exclusive temporary buydown program could fit into your home financing plans, let’s connect and go over your options.
Article written by Victoria Blodgett, Prime Lending, Ludlow, Vt