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#1785552 - 02/13/13 04:11 PM Home purchase using farmland
ougirl Offline
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ougirl
Joined: Apr 2009
Posts: 49
oklahoma
We have a loan in which the client is purchasing a house BUT the collateral being taken is farmland. Not the house purchased and not the land on which it sits. Is this still considered a home purchase and HMDA reportable?
Last edited by ougirl; 02/13/13 04:13 PM.
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#1785558 - 02/13/13 04:23 PM Re: Home purchase using farmland ougirl
#12 Online
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Joined: Jun 2005
Posts: 1,343
In order to be HMDA reportable as a purchase, the loan has to be both for the purpose of purchasing a dwelling and secured by a dwelling.
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#1785559 - 02/13/13 04:28 PM Re: Home purchase using farmland ougirl
ougirl Offline
Junior Member
ougirl
Joined: Apr 2009
Posts: 49
oklahoma
Thank you!

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