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#322407 - 02/25/05 05:06 PM Home Improvement ?
Anonymous
Unregistered

We have a loan for $200,000 secured by the borrower's primary residence. The purpose of the loan is to make improvements to his business (store) and his home. I am not sure what percent of the dollars is going toward home improvemnts. Would this be HDMA reportable as a HI loan?

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Lending Compliance
#322408 - 02/25/05 05:17 PM Re: Home Improvement ?
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,486
Bloomington, IN
Yes. (edited) If any portion of the loan proceeds are going toward improving a residential dwelling or the property upon which the residential dwelling is located then the percentage of dollars going toward the residential improvement is not a determining factor.
Last edited by Dan Persfull; 02/25/05 05:44 PM.
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#322409 - 02/25/05 05:40 PM Re: Home Improvement ?
Kristi Offline
Member
Kristi
Joined: Feb 2005
Posts: 94
I agree. It doesn't matter what percentage is going toward the residential improvement.

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