Lend It Back

Terms, Conditions and Eligibility Requirements:

Lend it Back Program (“Program”) allows borrowers who purchase a home with Atlantic Bay to earn up to $1,000 in closing cost assistance when they refinance their property with Atlantic Bay at a later date. The following Program restrictions apply:

• Promotion valid on Purchase loans closed on or after 10/17/2022.
• Promotion valid when redeemed any time after 180 days from loan closing date and are valid for 36 months.
• Not all program types are eligible. This offer excludes housing assistance programs (bond) and Second Mortgage programs.
• Only eligible on fixed rate refinance loans.
• Closing cost assistance must be used towards the refinance of the property eligible for the offer earned.
• Closing cost assistance must be used towards the refinance.
• Credit can be used as lender credit and/or rate buydown and any combination of both.
• Must be the property from the original loan.
• Incentives are based on loan amount as stated below:
  • $1,000:$250,000 and above
  • $800:$200,000 - $249,999
  • $600:$150,000 - $199,999
  • $400:$100,000 - $149,999
  • $300:Less than $100,000

This promotion is sponsored by Atlantic Bay Mortgage Group, L.L.C. Limit one promotion per loan. Not reedemable for cash value. All loans subject to income verification, credit approval and property appraisal. Information is deemed reliable but not guaranteed. Loan programs, interest rates, and fees are subject to change without notice. Promotion subject to change at any time without notice. Your interest rate and discount point(s) may be subject to adjustment based on the risk factors of your mortgage application and credit profile. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 100 Virginia Beach, VA 23452.

Temporary Buydowns

Terms, Conditions and Eligibility Requirements:

A buydown is an opportunity for the borrower to obtain a lower interest rate for a period of time with an upfront cost paid at closing called a subsidiary. A borrower may buydown the lower interest rate for up to a two-year period. After the specific buydown period, the rate will increase to the “note rate” which is a higher interest rate, thus increasing the borrower’s payments.

Atlantic Bay’s buydown program allows a borrower to buydown up to 2% below the note rate. The subsidiary may be paid by the borrower, seller, or other eligible third party.

• Purchase only
• Primary residences only
• Fixed-rate mortgages only
• Single-family residences, PUDs, and condos eligible
• Conventional, FHA, VA, USDA financing is available*
• Homebuyers must qualify at note rate
• Bonds/HFAs and ARMs not included

All examples are hypothetical and are for illustrative purposes only, and are not intended to provide mortgage or other financial advice to a specific consumer’s circumstances. Atlantic Bay Mortgage Group, L.L.C. cannot predict where rates will be in the future. Example is of a 2/1 buydown mortgage with a 10% down payment. Payments shown are principal and interest only on a 30-year fixed-rate loan and do not include taxes or insurance premiums. Actual payment may be higher. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not all borrowers will qualify. Not a commitment to lend. Available on fixed rate products only. Product and program availability subject to change at any time without notice. Rate information offered as of 2/7/2024.