If a HELOC is used for the purpose of purchasing a 1-4 family and is secured by same, am I correct that:
1. A HUD-1 is not required,
2. a GFE and a Settlement Booklet would still be required as this is a purchase, and
3. a Mortgage Servicing Transfer Disclosure would be required?

Thanks for your help!

1. Correct. 3500.8(a)

2. You need to provide the HELOC booklet and Plan Disclosure . 3500.6(a)(2) and 3500.7(h)

3. Incorrect. 3500.21(a)

As long as there is an initial intent to actually use the line as a line post-purchase (there is no need to go back in the future and check) a HELOC used for purchase is treated the same as any other HELOC.

I've had to look that up so many times!! I think I'll just print this thread and keep it handy!!