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#1692138 - 04/24/12 07:34 PM Purchase or Temp Loan
CaseyBoo30 Offline
Gold Star
Joined: Feb 2007
Posts: 262
Winchester, KY
Loan is a 6 month loan to purchase a home and do improvements. At maturity the loan will be put on perm. financing.

My gut is telling me it is a temp loan and to not report it, but I am having a hard time getting over the purchase part.

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#1692141 - 04/24/12 07:37 PM Re: Purchase or Temp Loan CaseyBoo30
TMatt87 Offline
Diamond Poster
Joined: May 2011
Posts: 1,922
Your gut is correct. The 6 month term loan will be replaced by longer term financing. The longer term financing will then be coded as a purchase.
All opinions are my own, not my employer's

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