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#198807 - 06/09/04 08:35 PM HMDA-Owner Occupied
Anonymous
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We have a construction loan that was "redone" into the permanent financing. The borrowers have yet to move into the new home (living at their current residence that is in the process of being sold). For HMDA, is this owner-occupied or not owner occupied?

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Lending Compliance
#198808 - 06/09/04 09:35 PM Re: HMDA-Owner Occupied
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
It would be classified as owner occupied IMO, because that is the intent. The purpose of the original loan was, no doubt, to construct the principal residence.
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#198809 - 06/09/04 10:35 PM Re: HMDA-Owner Occupied
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree. If they intent to have this be their principal dwelling, I would call it owner occupied.
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