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The math is the same. They are just phrasing it to make it easier for people to understand. Quarters are easier than sixths.
1% for a 0.167 reduction is the same arithmetic as 1.5% for 0.25 reduction.
1.5 is 50% more than 1 and 0.25 is 50% more than 0.167.
The issue is a manager at NACA is saying 1% of a buydown has been reduced to 0125. I do not see that information listed anywhere on the website
Naca does not set the terms. Bank of america sets the terms. If anything changed it was likely when Bank of America renewed their contract and if there was a change I was not aware of it.
For what it’s worth naca worked with both citi and bank of america until 2018 and at that time they each had different buy down rules.
That’s the thing, no one was aware of this….I’m scheduled to close on 4/28 and my file is currently undergoing a COC so we will see what happens.
hopefully we can get some confirmation on this