BUY Loan Buydown

To describe the features of a loan buydown

Position
Element
Name
Type
Requirement
Min
Max
Repeat
BUY-01
Loan Buydown Type Code
Identifier (ID)
Mandatory
1
1
1
Code indicating the type of loan buydown
If BUY01 equals "P", then BUY04 and BUY05 are required.
BUY-02
Source of Funds Code
Identifier (ID)
Mandatory
1
1
1
Code identifying the source of the funds
BUY02 defines source of funds for buydown.
BUY-03
Monetary Amount
Decimal number (R)
Optional
1
18
1
Monetary amount
BUY03 defines total amount of buydown.
BUY-04
Percentage as Decimal
Decimal number (R)
Optional
1
10
1
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
BUY04 is percent of permanent payment decrease.
BUY-05
Percentage as Decimal
Decimal number (R)
Optional
1
10
1
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
BUY05 is percent of permanent rate decrease.

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