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.
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Sources: Mortgage Loan Purchase and Sale Agreement (National Credit & Guaranty CORP), Multifamily and Health Care Mortgage Loan Repurchase Agreement (Municipal Mortgage & Equity LLC)
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, except as otherwise accepted by buyer.
Appears in 1 contract