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#2250391 - 03/11/21 03:39 PM NEW URLA WILL YOU OCCUPY
Truffle Royale Offline

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Declarations A. Will you occupy the property as your primary residence?

If YES, have you had an ownership interest in another property in the last three years?
2) type of property
3) how did you hold title

Borrowers (and me too) confused on use of the word in bold.
Does this only apply if the borrower owns more than one property or is this supposed to take the place of the same questions on the old 1003 which means the questions pertain to the collateral property?

There's nothing in the UMDP instructions that speak to this clearly nor have I found anything else. Thanks in advance.

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#2250402 - 03/11/21 04:45 PM Re: NEW URLA WILL YOU OCCUPY Truffle Royale
rlcarey Online
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rlcarey
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Galveston, TX
It is any residential property, is it not. I just base that on the possible answers:

If YES, complete (1) and (2) below:

(1) What type of property did you own: primary residence (PR), FHA secondary residence (SR), second home (SH),
or investment property (IP)?

(2) How did you hold title to the property: by yourself (S), jointly with yourspouse (SP), or jointly with another person (O)?
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#2250420 - 03/11/21 06:41 PM Re: NEW URLA WILL YOU OCCUPY Truffle Royale
Truffle Royale Offline

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It was the if/then part that was throwing me off.
As someone who prides herself on proper use of the English language, the use of 'another' means just that.
Answering yes to the collateral property will be my primary residence has nothing to do with 'another' property.

But your answer is likely the right one given who wrote the new URLA.

Thanks, Randy.

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#2250421 - 03/11/21 06:46 PM Re: NEW URLA WILL YOU OCCUPY Truffle Royale
rlcarey Online
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rlcarey
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Galveston, TX
I guess I just do not see what is confusing.

5a. About this Property and Your Money for this Loan

A. Will you occupy the property as your primary residence?

If you answer Yes you go on to other questions. Seems pretty straight forward to me.
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#2250674 - 03/16/21 05:52 PM Re: NEW URLA WILL YOU OCCUPY Truffle Royale
Truffle Royale Offline

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That part is straightforward. My question has to do with the questions that follow.
The old 1003 asked if you had an ownership interest in A property. that lead applicants to say yes on a refi and list their primary residence and how they owned it.
The new URLA states ANOTHER property.
I'm seeing applications completed in the same manner as on the old 1003. But I'm also seeing applications for refinances of primary where the ANOTHER is marked yes and investment. So which is right?

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#2250679 - 03/16/21 06:12 PM Re: NEW URLA WILL YOU OCCUPY Truffle Royale
rlcarey Online
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rlcarey
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Galveston, TX
That is why they changed it - the old series of questions on the old 1003 made no sense.
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