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I have a construction only loan that we are refinancing to put on payback plus giving them additional money to complete home construction and add a pool. I’m overthinking my loan purpose for HMDA reporting. I want to say it is Purchase even though they are receiving funds to complete construction but adding a pool is making me think possibly cash out refinance. What are your thoughts?
Well, we know that the construction only loan was not HMDA reportable, so are you saying that we are now paying off that loan with permanent financing plus adding funds to complete construction and add a pool? If this is permanent financing (possibly some sort of 1x close to complete construction, not just pool), you will just select the highest on the pecking order for this multiple purposed new loan…which would be a purchase…that’s if my interpretation of the facts are correct.
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