BUY Loan Buydown
To describe the features of a loan buydown
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code indicating the type of loan buydown
If BUY01 equals "P", then BUY04 and BUY05 are required.
Code identifying the source of the funds
BUY02 defines source of funds for buydown.
Monetary amount
BUY03 defines total amount of buydown.
Percentage expressed as a decimal
BUY04 is percent of permanent payment decrease.
Percentage expressed as a decimal
BUY05 is percent of permanent rate decrease.