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#1877413 - 12/10/13 06:02 PM ARM on Bare Land
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Would an ARM on bare land require a CHARM booklet?
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#1877414 - 12/10/13 06:03 PM Re: ARM on Bare Land Bec
Tater Offline
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Joined: Jan 2006
Posts: 631
Missouri
Unless your proceeds would be used as a construction-perm loan with a 1-time close, I can't figure out a reason it would be.
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#1877514 - 12/10/13 08:43 PM Re: ARM on Bare Land Bec
Bec Offline
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Bec
Joined: Jul 2010
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The Great White North
I thought I read somewhere that you should hand out a CHARM booklet whenever there is to be a ARM loan. But it seems as though for Bare Land you wouldn't need to, but now I am not sure.
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#1877532 - 12/10/13 09:00 PM Re: ARM on Bare Land Bec
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,020
Bloomington, IN
The loan is not secured by the consumer's principal dwelling therefore no booklet is required. See 1026.19(b).
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#1877673 - 12/11/13 03:45 PM Re: ARM on Bare Land Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
I will definitely check the citation...thank you Dan. Thank you tooo Tator. I appreciate the help smile
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