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#1645348 - 01/03/12 06:12 PM Repair Sewage Line
MSMITH10 Offline
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Joined: Sep 2010
Posts: 160
Could this be considered home improvement?

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#1645350 - 01/03/12 06:00 PM Re: Repair Sewage Line MSMITH10
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Yes it would be home improvement.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
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#1645353 - 01/03/12 06:16 PM Re: Repair Sewage Line MSMITH10
MSMITH10 Offline
100 Club
Joined: Sep 2010
Posts: 160
What if the term was 12 months or less? Temporary?

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#1645362 - 01/03/12 06:08 PM Re: Repair Sewage Line MSMITH10
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Unless it is being replaced by long term financing, it will most like be a reportable short term loan. Is it being paid off in full at the end of the 12 month (or less) period via payments or a balloon payment that is not coming from a longer term loan? Then it is reportable.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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