Introducing the Perry Homes Lender Incentive Buydown Program
We understand that buying a new home can be stressful and expensive. Luckily, the Perry Homes lender incentive was created to help ease the increased expense. You can use this $21,000 incentive on the following when you use the Perry Team at Veritas Funding to buy your Perry Home:
Closing Costs
This incentive can go towards covering closing costs, which are typically about 3-5% of your loan amount and are usually paid at closing.
Permanent Rate Buydown
Better known as paying discount points, you can use the incentive to cover the discount point cost to obtain a permanently lower interest rate for the term of your loan.
3/2/1 Buydown
In a 3/2/1 temporary buydown , the rate is buydown for the first three years of the mortgage loan For example , if a the note rate is 6.5%, then the rate is reduced to 3.5% for the first year, then 4.5% for the second year, then 5.5% for the second year and then remains at the note rate for the remaining life of the loan (years 4-30 rate increase to the original note rate).
3.5%
6.5% APR
THREE percent below preferred lender's current market rate
4.5%
6.5% APR
TWO percent below preferred lender's current market rate
5.5%
6.5% APR
ONE percent below preferred lender's current market rate
6.5%
6.5% APR
Regular Locked Rate
Rates above used only as an example. Perry Team will provide current market rates upon request. Want to learn more? Give us a call today.
Legal terms:
30-year fixed interest rate provided by Veritas Funding, the preferred lender of Perry Homes. Interest rate is 7.490% as of 4/15/2024 & can change at any time without notice. Terms & Conditions are based on a conforming 30-year fixed, owner occupied home loan at a 25% or greater down payment with a credit score of at least 740. Terms & Conditions include a $21,000 seller contribution as part of the preferred lender incentive paid by Perry Homes. The incentive is available on any new purchase contract as of September 19, 2022 & can change at any time at the seller’s discretion. Perry Homes is not a mortgage lender. Terms & conditions are subject to change. Interest rate is based on a 3.25% seller contribution at $21,000 (APR 6.461%).