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#1716813 - 07/03/12 04:29 PM Const/Perm on 58 acres exempt from RESPA?
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
We have an application for a one-time const/perm for a primary residence. Collateral will be 58 acres (already owned) and home to be constructed. One year construction and then will convert to 15 year payout. Exempt from RESPA, correct?

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RESPA
#1717006 - 07/03/12 08:21 PM Re: Const/Perm on 58 acres exempt from RESPA? Rdy2Retire
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
Anybody?? I feel like this would be correct, but it is just an unusual scenario so would like for someone to concur with me if possible. Thank you!

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#1717017 - 07/03/12 08:29 PM Re: Const/Perm on 58 acres exempt from RESPA? Rdy2Retire
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
(b) Exemptions. (1) A loan on property of 25 acres or more.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#1717022 - 07/03/12 08:36 PM Re: Const/Perm on 58 acres exempt from RESPA? Rdy2Retire
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
Thank you Kaybee!

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