Save Your Loan with Float Downs!
Rate float downs are available on the following loan products:
|
Program Number
|
Program Description
|
Program Type
|
|
6010
|
Conforming Fixed (LP)
|
Conventional/Conforming
|
|
6012
|
Conforming Treasury/LIBOR ARM (LP)
|
Conventional/Conforming
|
|
6016
|
FHA Traditional Fixed and ARM Purchase
|
Government
|
|
6050
|
FHA Traditional Fixed and ARM Refinance
|
Government
|
|
6051
|
FHA Fixed and ARM Refinance (LP)
|
Government
|
|
6052
|
FHA Streamline Fixed and ARM Refinance (no credit qualifying)
|
Government
|
|
6059
|
FHA Streamline Fixed and ARM Refinance (credit qualifying)
|
Government
|
|
6068
|
FHA Fixed and ARM Purchase (LP)
|
Government
|
|
6113
|
Conforming Fixed (DU)
|
Conventional/ Conforming
|
|
6118
|
DU Flex 80/20 Combo
|
Conventional/ Conforming
|
|
6151
|
DU FHA Refinance
|
Government
|
|
6152
|
DU FHA Purchase
|
Government
|
|
6154
|
Conforming ARM (DU)
|
Conventional/
Conforming
|
Rate float downs are available according to the following guidelines, exceptions possible*:
- One float down per loan.
- Price will be improved to current market price plus 0.250 pt. for pricing of the same lock period as the original lock period. (Ex: Current market price of (0.7500) plus 0.250 = (0.500) New Price.)
- Loan program and term are the same as the original loan program and term at the time of lock.
- Loan should close and fund within ten days of float down.
- Float down must be requested by the loan officer.
**Exceptions to the above conditions may be considered by the price desk. Exception requests should be submitted in writing by the loan officer to the account executive assigned to your account.