Skip to content
BOL Conferences
Thread Options
#1945004 - 07/24/14 01:28 PM Purchase Money HELOC
Web Offline
Gold Star
Joined: May 2005
Posts: 316
We are doing a HELOC for purchase money. I need to do a HUD that includes the comparison page 3 the same as if this was a closed end loan right?

Return to Top
Lending Compliance
#1945011 - 07/24/14 01:36 PM Re: Purchase Money HELOC Web
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Wrong. If your HELOC disclosures have the proper itemizations, a GFE and HUD are not required.

If not, then you would have to provide normal RESPA docs.

ETA: I must say...be sure you are getting ROR, not for the purchase portion, but to protect yourself for future draws. wink
Last edited by RR Joker; 07/24/14 01:37 PM.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1945021 - 07/24/14 01:47 PM Re: Purchase Money HELOC Web
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Web, if you do a search using +purchase +money +HELOC as the search term you will find many discussions on the rescission requirements for these type transactions.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1945037 - 07/24/14 01:58 PM Re: Purchase Money HELOC Web
Web Offline
Gold Star
Joined: May 2005
Posts: 316
Thank you.I have accurate right of recession documents so all good there. I will reveiw my HELOC itemizations and make sure everything for a purchase is included because i didn't think of that, but i believe i am all covered there too. Thanks for the help.

Return to Top

Moderator:  Andy_Z