Buydown Loans Sample Clauses
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Buydown Loans. If the Mortgage Loan is a “buydown loan”, the amount of the buydown is fully funded, the period of the buydown does not exceed three years, and the change in the Mortgagor’s interest rate will not exceed 1 percent per annum as a result of the buydown.
Buydown Loans. The Loan does not contain provisions pursuant to which Monthly Payments are paid or partially paid by any source other than the Mortgagor nor does it contain any similar provisions currently in effect which may constitute a “buydown” provision;
Buydown Loans. The Servicer must amortize a Mortgage Loan for which Buydown Funds are applied at the Mortgage Interest Rate, not at the buy-down rate, in order to ensure that payments are collected to amortize properly the Mortgage Loan.
Buydown Loans. 27A. Within 3 -5 Business Days of the Transfer Date, the Seller must provide the report identifying all buy-down loans with funds remaining, which reflect the following: 27A1. P & I's or subsidies 27A2. Payment effective dates