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#2055254 - 12/22/15 01:02 PM Mobile home - purchase or refinance?
donnac Offline
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Joined: Feb 2003
Posts: 624
Applicant resides in a mobile home. He applies for a loan to buy land and an existing mobile home. He will remobile the mobile home from the land that's being purchased & permanently affixing his current mobile home to the land.

1. Do I report this as a purchase since he's purchasing a home (but it will be removed from the land) and secured by his existing mobile home?
Or ,

2. Do I report this as a refinance since he owes money on this exisitng mobile home & will be paying off that debt with some of the loan proceeds?

I know that purchase trumps refinance but I'm struggling if this is a purchase?

Thanks.

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#2055273 - 12/22/15 02:26 PM Re: Mobile home - purchase or refinance? donnac
Amandak Offline
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Joined: Jul 2013
Posts: 80
Wisconsin
I would say purchase. My reason is purely because of the definition; a loan that is both secured by and made for the purpose of purchasing a dwelling. This includes a loan secured by one dwelling that is used to purchase another dwelling.

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Last edited by Amandak; 12/22/15 02:27 PM.
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#2055276 - 12/22/15 02:38 PM Re: Mobile home - purchase or refinance? donnac
raitchjay Offline
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Joined: Oct 2009
Posts: 8,840
OK
What's he going to do with the mobile home he is purchasing and moving? If it's going to be destroyed or used as something other than a dwelling, i would report it as a refinance. If he is somehow going to continue using it as a dwelling, i'd report it as a purchase.
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#2055278 - 12/22/15 02:42 PM Re: Mobile home - purchase or refinance? donnac
Kathleen O. Blanchard Online

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Kathleen O. Blanchard
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Posts: 21,286
I agree that it depends upon the planned use of the mobile being purchased.
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#2055280 - 12/22/15 02:47 PM Re: Mobile home - purchase or refinance? Kathleen O. Blanchard
donnac Offline
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Joined: Feb 2003
Posts: 624
I'll follow-up with the loan officer for more detials.

Thanks for your help.

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