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#2230632 - 02/10/20 04:54 PM Zero Interest Down Payment Assistant Loans
Everest Offline
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Joined: Jan 2012
Posts: 281
We have some second lien down payment assistance loans which have a 0% interest rate. Last year we reported the interest rate on these as NA to cure Validity Error 677 which stated that the rate had to be greater than 0.00.

I heard that we are now supposed to report these as 0.00 this year and not as NA. I am trying to find something that actually tells me of this change. Has anyone heard or seen this also?

Thanks.

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#2230638 - 02/10/20 05:35 PM Re: Zero Interest Down Payment Assistant Loans Everest
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,816
That edit was modified in 2019 to allow an interest rate of 0:

5.2 2019 Revised Edits
TABLE 3: 2019 EDITS REVISED FROM 2018
Type of Data Field
Edit Number
Data Point
Modification
Loan/Application Register
V677
Interest Rate
Modified to allow a response of 0.

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#2230641 - 02/10/20 05:46 PM Re: Zero Interest Down Payment Assistant Loans Everest
Everest Offline
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Joined: Jan 2012
Posts: 281
Thank you again hmdagal! Looks like I got some editing to do on my LAR before it gets submitted smile

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