Thread Options
#2246186 - 12/04/20 06:21 PM HMDA Occupancy
Fiddlesticks Offline
Junior Member
Joined: May 2015
Posts: 45
We have an applicant that wants to purchase land with a house next to his homestead. He will allow his daughter to live there rent free. Would the proper occupancy code be 2 for 2nd residence or 3 for investment property?

Return to Top
HMDA

   
HMDA Academy
#2246190 - 12/04/20 06:50 PM Re: HMDA Occupancy Fiddlesticks
Inherent_Risk Offline
Gold Star
Joined: Jan 2017
Posts: 307
If the applicant won't live there at all, it's investment.

For purposes of ยง 1003.4(a)(6), a property is a second residence of an applicant or borrower if the property is or will be occupied by the applicant or borrower for a portion of the year and is not the applicant's or borrower's principal residence.

Return to Top