Affordability Programs Terms and Conditions

Rate offers a variety of products and programs that could make homebuying more affordable. Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact Rate for current rates. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.

RateReduce Temp – Rate Reduce available from participating builders and sellers on select properties. The 1.5/.5 buydown option is not available for VA loans.

RateReduce Sell – Sellers may sign a Rate Reduce Sell Agreement with {company name} to secure a 60-day rate lock on seller's departing residence by paying an upfront fee (higher fee for high balance loans): rate will be locked for 60 days; giving the seller 30 days to secure a buyer and the buyer 30 days to close the loan. Seller is required to contribute seller-paid points which must be applied towards a permanent rate buy down only. The seller must make a minimum buydown contribution of 2% and could elect up to a 9% buydown contribution subject to applicable state and federal laws, product guidelines, and future product eligibility if changes occur prior to closing. Upfront lock fee may be refundable if the buyer's loan closes. If the lock expires, is cancelled, or if the borrower withdraws and a new borrower is not found within the lock time parameters, then the upfront fee will not be refunded to the seller. Eligible for fixed rate, purchase transactions only. Seller must acquire a binding purchase contract for departing residence. Minimum FICO score and down payment requirements apply. Applicants subject to credit and underwriting approval. Buyer's interest rate may be higher depending on their qualifying information. Additional restrictions apply.

OneDown – Rate’s OneDown loan program is for purchase transactions of primary residences. Property type restrictions apply. Eligible occupant borrowers income must be less than 80% of area median income and borrowers must contribute a minimum of 1% down payment from borrower's own funds. Any additional down payment or funds required to close must be from an eligible source. At least one borrower must complete Homebuyer Education when all occupying borrowers are first time homebuyers. Applicant subject to credit and underwriting approval. Restrictions apply.

FirstHome Plus – At least one borrower must be a first time homebuyer with total qualifying income 100% or less of the MSA (Metropolitan Statistical Area) where the property is located and 120% or less if the property is located in an area where loan limits exceed standard conforming limits. Must meet income threshold based on the MSA. Amount by which loan cost may be reduced, if at all, is based on a variety of factors including FICO score. Talk to your loan officer to find out if you qualify for the loan cost reduction. Restrictions apply.

Freddie Mac BorrowSmart – Eligible for homebuyers purchasing a primary, 1-2 unit, owner occupied residence located within one of 10 metropolitan statistical areas. Borrower must obtain either a Freddie Mac Home One mortgage or a standard conventional mortgage. Not eligible for combination with other Freddie Mac assistance programs; however third party down payment assistance options which meet program requirements may be permissible. Borrowers may utilize funds from other eligible sources and assistance may be used to fund up to 100% of required cash to close. Borrower will need pre purchase counseling from a HUD approved agency. Contact for a complete list of eligible statistical areas and additional information. Applicant subject to credit and underwriting approval. Restrictions apply.

Interest Only Mortgages – Interest only payments apply for the first 10 years of the loan after which time payments will increase to include both principle and interest.

Rate, Inc.; NMLS #2611; 3940 N Ravenswood, Chicago, IL 60613; 866-934-7283. For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply. • AZ: 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254, Mortgage Banker License #0907078 • CA:  Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act • CO: Regulated by the Division of Real Estate • GA: Residential Mortgage Licensee #20973 • MA: Mortgage Lender & Mortgage Broker License #MC2611 • ME: Supervised Lender License #SLM11302 • NH: Licensed by the New Hampshire Banking Department, Lic #13931-MB • NJ: Licensed by the N.J. Department of Banking and Insurance • NY: Licensed Mortgage Banker - NYS Department of Financial Services, 750 Lexington Ave. Suite 2010, New York, New York 10022 • OH: MB 804160 • OR: Licensed and Regulated by the Department of Consumer and Business Services • PA: Licensed by the Pennsylvania Department of Banking and Securities • RI: Rhode Island Licensed Lender • WA: Consumer Loan Company License CL-2611.