Buydowns definition

Buydowns. No Mortgage Loan contains provisions pursuant to which Monthly Payments are (A) paid or partially paid with funds deposited in any separate account established by the Company, the Mortgagor, or anyone on behalf of the Mortgagor, (B) paid by any source other than the Mortgagor or (C) contains any other similar provisions which may constitute a "buy-down" provision. The Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature;
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Examples of Buydowns in a sentence

  • Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion.

  • Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans.

  • Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed, in the aggregate, the amount outstanding against Subprime Mortgage Loans.

  • To reduce interest payable by Borrowers, Credit Agent may apply Buydowns to Warehousing Advances outstanding under this Agreement in any order determined by Credit Agent in its sole discretion.

  • Each Buydown must be in an amount not less than $1,000,000, and Borrowers may not make Buydowns that exceed the aggregate principal balance of all Warehousing Advances outstanding under this Agreement.

  • Each Buydown must be in an amount not less than $100,000, and minimum increments of $5,000 in excess of $100,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans.

  • Borrower may request re-advances of all or a portion of the amount(s) of any Buydown(s) subject to all of the terms and conditions for Advances, other than those terms and conditions expressly excluded with respect to re-advances in Section 2.3 of this Agreement, of the Revolving Credit under this Agreement.

  • Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed, in the aggregate, the amount outstanding against Prime Mortgage Loans.

  • If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans (an "Excess Buydown"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow.

  • Sellers shall indemnify and hold harmless Buyer and Buyer's Affiliates for and against all Liabilities incurred by any of them resulting from VA Buydowns and VA No Bids as to which the VA provides its notice of intention not to bid at Foreclosure within two years following the Effective Time.

Related to Buydowns

  • Buydown means an arrangement or arrangements involving the

  • Buydown Fund A fund provided by the originator of a Mortgage Loan or another Person with respect to a Buydown Loan which provides an amount sufficient to subsidize regularly scheduled principal and interest payments due on such Buydown Loan for a period. Buydown Funds may be (i) funded at the par values of future payment subsidies, or (ii) funded in an amount less than the par values of future payment subsidies, and determined by discounting such par values in accordance with interest accruing on such amounts, in which event they will be deposited in an account bearing interest. Buydown Funds may be held in a separate Buydown Fund Account or may be held in a Custodial Account for P&I or a Custodial Account for Reserves and monitored by a Servicer.

  • Buydown Funds Any amount contributed by the seller of a Mortgaged Property, the Company or other source in order to enable the Mortgagor to reduce the payments required to be made from the Mortgagor's funds in the early years of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to deposit into the Custodial or Certificate Account.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Buydown Period The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan.