Skip to content
GeoDataVision
Thread Options
#1779048 - 01/23/13 05:45 PM Home Purchase agricultural purpose farm loan
Multiple Hats Offline
100 Club
Joined: Jul 2008
Posts: 204
A loan to purchase property used primarily for agricultural purposes is not a home purchase loan even if the property includes a dwelling.

Would a denial for a purchase of farm property that is over 25 acres be reportable? Does this exclusion work for denials as well as loans made?

Would a hunting lodge on 40 acres fall into this exclusion?

Return to Top
HMDA

   
HMDA Academy
#1779054 - 01/23/13 05:52 PM Re: Home Purchase agricultural purpose farm loan Multiple Hats
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
Quote:
Would a denial for a purchase of farm property that is over 25 acres be reportable? Does this exclusion work for denials as well as loans made?


As long as the application meets the "primarily agricultural purpose" test, yes.


Quote:

Would a hunting lodge on 40 acres fall into this exclusion?


No. A hunting lodge is not a primarily agricultural purpose.
_________________________
You call it ADD. I call it multi-tasking.

Return to Top
#1779737 - 01/24/13 11:43 PM Re: Home Purchase agricultural purpose farm loan Multiple Hats
SMQ, CRCM Offline
Power Poster
SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
But is the hunting lodge a home or simply a "hotel"? If no one lives there, no HMDA.
_________________________
NOLA is my Beach!

Return to Top

Moderator:  SMQ, CRCM