BUY Loan Buydown

To describe the features of a loan buydown

Position: BUY-01 · Element: 1084 · Name: Loan Buydown Type Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 1 · Max: 1 · Repeat: 1

Code indicating the type of loan buydown

If BUY01 equals "P", then BUY04 and BUY05 are required.

Position: BUY-02 · Element: 1091 · Name: Source of Funds Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 1 · Max: 1 · Repeat: 1

Code identifying the source of the funds

BUY02 defines source of funds for buydown.

Position: BUY-03 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 18 · Repeat: 1

Monetary amount

BUY03 defines total amount of buydown.

Position: BUY-04 · Element: 954 · Name: Percentage as Decimal · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: 1

Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)

BUY04 is percent of permanent payment decrease.

Position: BUY-05 · Element: 954 · Name: Percentage as Decimal · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: 1

Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)

BUY05 is percent of permanent rate decrease.