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A question we received from a member:
We have several loan situations where a customer buys home that came through foreclosure which needs some remodeling. We advance funds to purchase and make the needed improvements. Most of the definitions of construction for exemptions under the regs appear to be for initial construction. Normally, we would allow these customers a 6 -12 month term with interest only to get the remodeling completed. Will the new rules force us to put on monthly payments if we want them to be qualified mortgages or would this be considered construction?
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