The BUYDOWN statement specifies a buydown rate loan.
The buydown rate loans are similar to ARM loans, but the interest rate
adjustments are predetermined at the initialization of the loan
(usually by paying interest points at the time of loan initialization).
- BUYDOWN options;
You can use all the required specifications and options listed
under the FIXED statement with the BUYDOWN statement.
The following option
is specific to the BUYDOWN statement and is required:
- BUYDOWNRATES= ( date1=rate1 date2=rate2 ...)
- BUYDOWNRATES= ( period1=rate1 period2=rate2 ...)
- specifies pairs of periods and the predetermined nominal
interest rates that will be charged on the loan
starting at the corresponding time periods.
You can also specify the buydown periods as dates if you specify the
Buydown periods (or dates) and the respective buydown rates
must be in time sequence.
The BUYDOWNRATES= option can be abbreviated BDR=.
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