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#1449214 - 09/28/10 04:49 PM definitions on RE loans
Tessie Offline
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Joined: Jan 2006
Posts: 155
Is there somewhere that explains exactly what a R/E Construction, a R/E Non Farm Non Residential, R/E Secured 5 or more Family, etc. Some are self-explanitory, but some are not, to me anyway. We have someone who bought a new house that lost the attached garage to a wind storm. He has to build the garage back on and do some remodeling. This is not his primary residence. So is this a R/E construction loan or a R/E Non Farm, Non Residential loan?

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#1449251 - 09/28/10 05:33 PM Re: definitions on RE loans Tessie
Truffle Royale Offline

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Posts: 17,400
You can only construct a home once.
I'm not familiar with the R/E types you outlined, but in the land of HMDA, rebuilding the garage would be home improvement. Even tho you're 'constructing' a garage, you are improving the dwelling or the land it sits on.
Maybe you can translate the above into your R/E definitions?

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#1449259 - 09/28/10 05:41 PM Re: definitions on RE loans Truffle Royale
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
When we enter a loan these are the different types of loans we have to catagorize them as, such as R/E construction, R/E Secured by Farmland, R/E Secured 1-4 Family, R/E Secured 5 more Family, or R/E Non Farm, Non Residential. They have it as a Construction loan and I didn't think it should be, so wanted to get an "expert" opinion.

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