- This topic has 1 reply, 2 voices, and was last updated 8 years, 10 months ago by
.
-
Posts
-
I have a borrower who owns the land and they are purchase a new manufactured home to put on the land as their primary residence. They will also be paying off the existing lien on the land. My first thought is purchase, but they are not purchasing the land they are refinancing the land and purchasing the manufactured home. What would my purpose be?
Answer by kowsley:
So in essence you have a “purchase” (manu. Home) and a “refi”(land). The definition of purchase in 1026.37(a)(9) states, To finance the acquisition of the property identified in (a)(6), which is the “property” field. I assume you are listing the land in the “property” field? If so, since the borrower isn’t financing the acquisition of the land, he/she is refinancing the property listed in (a)(6); therefore, I would list it as a “refinance”.
- You must be logged in to reply to this topic.