Thread Options
#2219179 - 08/06/19 04:15 PM HOEPA and Purchase/Rehab Loan
Norman Paperman Offline
Diamond Poster
Norman Paperman
Joined: Aug 2012
Posts: 1,636
48.934476, -114.343735
Let's hear your thoughts on HOEPA and it's application to a purchase/rehab loan with a term of 12 months? The loan is 12 months, interest only for the purchase/rehab of a principle residence that will then be taken out by a secondary market broker.

I tend to think this meets the spirit and intent of the construction exemption, but it is not initial construction.

Thoughts? Because of the short term, the APR is naturally inflated.
_________________________
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.


CRCM

Return to Top
HOEPA and Homeowner Counseling Rule
#2219186 - 08/06/19 04:53 PM Re: HOEPA and Purchase/Rehab Loan Norman Paperman
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,571
OK
I see no exemption from HOEPA.
_________________________
I'm fixin' to fix that.

Return to Top