Loan is to the borrowers for the purpose of purchasing a home. The borrowers have been renting the home and are now purchasing it from the current owners. The loan is paying off a dwelling secured note but the borrowers are different. This seems easy, its a purchase, right? The borrower that was renting and now purchasing the home is already on the title. (not sure if that matters). While there doesn't appear to be a formal land contract per say, this sounds like one of those kinds of deals and we normally report those as refinances.
Would love some opinions as to how they would approach purpose on this loan.