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As a military bank, we understand the unique challenges and opportunities facing our service members when it comes to purchasing a home. One effective strategy that can help bridge the affordability gap is the use of buydowns and loan assumptions.
Buydowns allow home buyers to secure a lower initial interest rate on their mortgage, which can significantly reduce monthly payments during the early years of homeownership. This can be particularly beneficial for military families who may face frequent relocations or other financial challenges.
Loan assumptions, another valuable tool, enable buyers to take over an existing mortgage from the seller, often at a lower interest rate than what is currently available in the market. This can be advantageous in a rising rate environment, providing substantial savings over the life of the loan.
There are a few things to remember about assumable mortgages:
At Armed Forces Bank, we are committed to supporting our service members with tailored financial solutions that meet their unique needs. Whether you're buying your first home, relocating to a new duty station, or refinancing your existing mortgage, our experienced team is here to help you navigate the process and achieve your homeownership goals.
Contact our loan officers today to learn more about how buydowns and loan assumptions can make homeownership more affordable and accessible for military families. We're proud to serve those who serve our country. To see what you qualify for, use our VA Home Loan Calculator.
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Subject to credit approval. Each loan product is subject to loan program terms, conditions, qualifications. Fees apply.