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#1860747 - 10/11/13 02:09 PM Purchase land/moving home and set up
Glo Offline
Gold Star
Joined: Jul 2005
Posts: 394
Arkansas
This came from a loan officer that asked me about this. I told her that my first thought would be not reportable since it's the land that they are buying, but then I wondered if after moving the home and setting it up, if this would be considered home improvement. I may just be overthinking this, but I wanted to see what your thoughts are......

We have an application for a loan to purchase land and then move a home, which is being given to the applicant onto, and setup the home. Is this considered HMDA? The total loan amount request is $30,000 – the purchase price of the land is only $2,500 – the remainder will be used to move the home and set it up.

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#1860781 - 10/11/13 02:39 PM Re: Purchase land/moving home and set up Glo
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,400
Even tho they're being gifted the house, they can't use it till they move it and set it up.
So you could stretch the definition to HI. I also think I could make a good argument for reporting it as a purchase for HMDA.
Hopefully some of the other HMDA geeks like Dan, Kathleen, RR Becca and hmdagal may have had exposure to something like this and will weigh in with their thoughts on it.

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