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I have a customer who owns their land with no liens on it. They are requesting a loan to purchase a mobile home. We will also be using the mobile home as collateral.
The closing agent said that this could not be a purchase because there isn’t a sales contract.
Would this be considered a Home Equity. I guess my brain gets hung up on if any part of the money is use to purchase it is a purchase.Please help me out on this one.
Virginia
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