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945 232nd Place NE #945, Sammamish, WA 98074 · Offered at $664,000
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Seller credit summary
The $15,000 is one maximum seller contribution across all uses, limited by the purchase agreement, lender rules and eligible costs. Unused credit is not cash to the buyer.
Figures are rounded to the cent; totals are calculated before rounding, so they can differ by a cent from the sum of the rounded lines.
Important information
What is included?
The subtotal includes your principal-and-interest contribution, property taxes and county assessments, and HOA dues. HOA dues may be paid separately from the mortgage. Homeowners insurance, any required mortgage insurance, and loan fees are excluded. Actual costs may be higher. Utilities, maintenance, repairs and other personal expenses are additional.
How does a 2-1 buydown work?
Seller-funded assistance covers part of the scheduled mortgage payment for two years. The buyer's principal-and-interest contribution is calculated using a rate 2 percentage points below the contract rate in year 1 and 1 percentage point below it in year 2. The full contract payment applies from month 25. The loan's contract rate does not change.
Do I need to qualify for the full payment?
Yes. For the conventional loan example shown here, the lender qualifies the buyer at the full contract interest rate. The lower initial contribution does not increase the amount the buyer qualifies to borrow.