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#1733756 - 08/22/12 05:13 PM HPML - principal dwelling or not
joeball Offline
100 Club
joeball
Joined: May 2004
Posts: 170
Bluegrass State
We have an application with the funds being used to complete the construction of a dwelling around $20,000. It will not be a construction loan and we will have a 1st on the house and 50+ acres. This is not their principal dwelling currently but they will be moving in when it is complete.

Does section 35 apply since it is not their principal dwelling at closing?
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Lending Compliance
#1733777 - 08/22/12 05:42 PM Re: HPML - principal dwelling or not joeball
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,016
Bloomington, IN
The loan is to finance the purchase of their new principal dwelling therefore escrow requirements of section 35 will apply since you indicate it is not temporary financing.
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The opinions expressed are mine and they are not to be taken as legal advice.

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