Sounds like your cheat sheet is incomplete (or needs further instruction/clarification). If you don't have a permanent commitment, you are on the hook for 3 days to disclose the construction and a potential permanent loan.
From RESPA: Emphasis added is mine.
(3) Temporary financing. Temporary financing, such as a construction loan. The exemption for temporary financing does not apply to a loan made to finance construction of 1- to 4-family residential property if the loan is used as, or may be converted to, permanent financing by the same lender or is used to finance transfer of title to the first user. If a lender issues a commitment for permanent financing, with or without conditions, the loan is covered by this part. Any construction loan for new or rehabilitated 1- to 4-family residential property, other than a loan to a bona fide builder (a person who regularly constructs 1- to 4-family residential structures for sale or lease), is subject to this part if its term is for two years or more. A “bridge loan” or “swing loan” in which a lender takes a security interest in otherwise covered 1- to 4-family residential property is not covered by RESPA and this part.
Last edited by RR Joker; 11/14/12 06:51 PM.
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My opinion only. Not legal advice.
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