10/07/2022
Currently, temporary interest rate buydowns are not allowed on our conventional, FHA and VA loan programs.
Effective immediately, Pennymac is pleased to announce the availability of temporary interest rate buydowns on conventional and government loans.
The eligible loans programs and program highlights are provided in the below table:
Please refer to the specific loan program product profile for complete temporary buydown requirements.
In addition, Pennymac will update our Best Effort rate sheet on Friday, October 7, 2022, as follows:
- Add new ‘Temporary Interest Rate Buydown’ LLPA to the following Conventional LLPA grid:
- ‘Other Adjustments’
- Add new ‘Temporary Interest Rate Buydown’ LLPA to the following Government LLPA grids:
- ‘FHA Other Price Adjustments’
- ‘VA Other Price Adjustments’
- ‘Guaranteed Rural Housing Other Price Adjustments’
Please contact your Sales Representative with any questions.