StrongLast Updates Incentives
Building strong homes with lasting value is the central mission of the StrongLast companies. Our homes deliver on the StrongLast mission only if buyers can finance a home purchase. New incentives and financing assistance from StrongLast will make financing noticeably easier despite widely publicized challenges.
In July, the StrongRate interest rate buy-down program continues with up to three years of interest rate reduction for qualified buyers. StrongLast may contribute up to $20,000 or more to “buy-down” a buyer’s primary mortgage interest rate by as much as 3 percentage points in the first year, 2 percentage points in the second year, and finally 1 percentage point in the last year of the program. Not all primary mortgage lenders allow a rate buy-down, and other conditions and restrictions may apply. Each buyer should consult with her lender to determine eligibility and limitations.
Instead of the StrongRate program, certain homes offered by StrongLast are eligible for a second mortgage originated by StrongLast or one of its financing partners. The second mortgage program may loan up to $50,000 to a qualified buyer to supplement the buyer’s downpayment. A second mortgage can reduce or eliminate the PMI insurance many primary lenders require from buyers who do not make a downpayment of at least 20% of the home purchase price. The terms and conditions of the second mortgage will vary depending on numerous factors, and every buyer should consult her financial or other advisors about whether a second mortgage is a good choice.
For complete terms and conditions regarding these incentive programs, contact us or ask your real estate agent to do so.
Note that all incentives and other offers are affected by each buyer’s unique financial situation and subject to approval by the buyer’s primary lender. Applicable laws and regulations may limit the terms and conditions of StrongLast’s incentives. Eligibility for all incentives programs is determined by StrongLast in its discretion in accordance with all fair housing and lending laws that may apply.