October 26, 2011 at 12:34 pm EDT
#2871
jholzknecht
Keymaster
A home purchase loan must be for the purpose of purchasing a dwelling and the loan must be secured by a dwelling. Your question didn’t mentioned whether the loan was secured or not. Even if it is secured, the loan is not for the purpose of purchasing a dwelling. There apparently is no transfer of title at the time your loan occurs.