This topic contains general information on fixed-rate loans.
Fannie Mae purchases or securitizes conventional, fully amortizing, fixed-rate first mortgage loans. The loan can be subject to a temporary interest rate buydown plan, provided that the subject property is secured by a principal residence or a second home property. (See B2-1.4-04, Temporary Interest Rate Buydowns.)
The payments must be structured as follows:
level monthly installments of principal and interest (P&I),
due on the first day of each month, and
payment of interest in arrears.