FORUM PROFILE

Reply To: Business Purpose Refinance

Home Forums Home Mortgage Disclosure Act Business Purpose Refinance Reply To: Business Purpose Refinance

#12605

LRobbins
Participant

Thanks for your reply!! I forgot to mention that the new loan for the permanent financing of the dwelling is also business purpose to the same borrower as well. The borrower will be using the dwelling for rental income. Will the “other” purpose code #4 still be used since this is a business purpose loan, or will it be considered a “purchase” since it is the permanent financing and pay down of a portion of a construction line of credit?