How It Works
The Builder Bucks program and credit is only on new construction homes and on purchase transactions. It is currently only offered in the states where our bank has a footprint. Oklahoma, Kansas and Missouri properties will receive a $2,000 lender credit. Texas and New Mexico properties will receive a $2,500 lender credit. Colorado and Arizona properties will receive a $3,250 lender credit.
* Investment home classified properties are not eligible for this program. This program can not be combined with Bond and Down Payment Assistance programs.
* If you elect to do a 2 lien loan structure, the 2nd lien loan amount will not receive any credits. These are set up with other lenders than us that do not pay any commissions to the Loan Officer or the 1st lien lender.
There are important items to note when using Builder Bucks credits.
- Loan Credit Limits - There will be a maximum amount of credit that can be applied on the loan. Typically the limits are based on the property classification and the size of the down payment made by the buyer. These are referred to as limits on Interested Party Contributions (IPC). The interested parties in the transaction that can give credits would be the Seller, Lender and Realtor. Make sure you check with us what the maximum amount of IPC will be on your loan.
- Realtor Rebates - In most states the Real Estate Agent can provide rebates outside of the loan transaction so you don't lose the money they are willing to give you. Not all states allow for Realtor rebates. Please check with your assigned Real Estate Agent in your state.
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Maximize Use Of The Credits - Seller credits and Builder Bucks (lender) credits can't be applied toward your down payment on the home loan. These can only be used to cover the loan costs and pre-paid amounts on the loan transaction. You will likely want to use these credits before using the Realtor credit. Especially if Realtor rebates are allowed in your state. We want to help you maximize the usage of all the credit available to you.
