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We are doing a LOAN it is to construct the dwelling and to purchase the lot. I know the Construction phase purpose of the loan is to Purchase, my question is for the Construction part of the proceeds does this need to be disclosed on the Closing Disclosure as “Construction Costs” or would it just be loan amount.
The construction proceeds are included in calculations included in the cash to close section and the summary of the borrower’s transaction sections of the closing disclose. This method provides a disclosure that does not include the construction costs in the Cash For borrower at closing.
Check with your loan origination software vendor for the proper method of entering the data to obtain the correct result on the disclosure.
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