We do construction only loans. This time, it is little different. The borrowers do not own the lot. The builder does. So the contract included the lot price in the total costs to build the house. Now, I think my LE purpose will be purchase since the borrowers do not own the lot, but I wanted to double check and also LE would have "sales price" not "estimate value of the property", correct?

Thank you.

Yes, it's a TRID purchase, and yes, you need the sales price

Thank you

In a twist - if the land was owned by the seller and the construction funds were going to a contractor - not the seller, would the sales price only be for the amount of the land?

Anyone have any thoughts?

Yes, in new build Construction loans if the land (lot) is being purchased as part of the deal, then you list the "Sales Price" as only the value of the land.