Welcome Home RateBreak 2-1 Buydown Peoples Savings Bank

Peoples Savings Bank, for a limited time only, is offering the Welcome Home RateBreak 2-1 Buydown program, which provides a temporary interest rate buydown of 2% in year 1 and 1% in year two. The maximum financed loan amount is up to $350,000 with a minimum down payment of 3% and a maximum down payment of 20%.

Welcome Home RateBreak* 2-1 Buydown benefits:

Start rate for year one can be as low as 3.99% (6.455% APR), based on a 5.99% (6.455% APR) HomeReady or Home Possible Loan.
The 2-1 buydown is 100% funded by Rocket Mortgage PRO TPO so no contribution is required by the homebuyer.
Homebuyer can request maximum seller closing assistance from the seller when making an offer on a property
No geographic restrictions
The borrower can be a first-time homebuyer but isn’t required

Welcome Home RateBreak* 2-1 Buydown Borrower Eligibility Requirements

Area Median Income Requirements at 80% or less of the Area Median Income. If the subject property is in an underserved area the Area Median Income requirements may be waived. Use the Fannie Mae Tool to determine Area Median Income and underserved areas.
Maximum loan amount of $350,000
Minimum year 1 start rate interest rate: 3.99% (6.455% APR)
Maximum loan to value of 97%
Minimum loan to value of 80%, which means the maximum purchase price can’t exceed $437,500 with a 20% down payment
Must receive a DU Approval Eligible or LP Accept underwriting findings
Minimum middle credit score of 620
Maximum seller closing cost assist allowed up to 3% and 6% with a down payment less than 10% and 10% or greater, respectively
Eligible properties include 1-4 units, primary residence, including eligible condos and PUDs
Non-occupant co-signers are not allowed

Start Application

Want to know more? Fill out the form below and we will have one of our lenders contact you.

Equal Housing Lender.

*The 2-1 temporary buydown offer is funded by Rocket Mortgage. 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 Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.

Rocket Mortgage, LLC, NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. For additional information please visit RocketProTPO.com. Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906