We have a loan for the purchase and renovation of what will be a primary residence. Part of the proceeds will purchase and part of the proceeds will be used for renovation of the dwelling. We have treated loans like this in the past as temporary construction LOCs with interest only payments for 9 to 12 months. Since it is not a construction-to-perm loan or is not "initial" construction, can we continue to treat as temporary and therefore exempt? Thanks!
Just when I think I understand....I regain consciousness!!!