2 - 1 rate buy down saving deals!
Hey House hacking community!
I recently got a someone a deal in Moreno Valley and while working with their lender we got a great deal with a 2 - 1rate buy down. I was able to negotiate the seller to cover the rate buy down and the entire closing cost which will lower the clients mortgage by 600 the first year and 300 the second.
This takes her from living for free to cash flowing wile there by 600! The bummer here is her rate goes back up in 2 years to the normal rates now of 6.79%. But the seller is paying for the buy down and were hoping to get a refi for her in 2 years!
Its super important to have a lender and agent who work together to have these conversations!
Any questions about this I am willing to answer!