Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Dodd-Frank Final Rules Discussions Ability to Repay/Qualified Mortgage Rule Is this considered temporary?
Thread Options
#1886422 - 01/14/14 05:36 PM Is this considered temporary?
1995Banker Offline
100 Club
Joined: Apr 2002
Posts: 241
We have a loan for the purchase and renovation of what will be a primary residence. Part of the proceeds will purchase and part of the proceeds will be used for renovation of the dwelling. We have treated loans like this in the past as temporary construction LOCs with interest only payments for 9 to 12 months. Since it is not a construction-to-perm loan or is not "initial" construction, can we continue to treat as temporary and therefore exempt? Thanks!
_________________________
Just when I think I understand....I regain consciousness!!!

Return to Top
Ability to Repay/Qualified Mortgage Rule
#1886549 - 01/14/14 07:40 PM Re: Is this considered temporary? 1995Banker
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1886575 - 01/14/14 07:57 PM Re: Is this considered temporary? RR Joker
1995Banker Offline
100 Club
Joined: Apr 2002
Posts: 241
Thank you RR Joker.
_________________________
Just when I think I understand....I regain consciousness!!!

Return to Top