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#2160796 - 01/17/18 08:52 PM Mixed purpose loan
Winning Offline
Member
Joined: Sep 2015
Posts: 88
Purchase 65 acres for farming and refi primary dwelling all in one loan. Due to the amt of the purchase of the farm, this is a commercial loan for farming, however, they decided to add in the refi of the primary dwelling. What is best....REPORT or NOT REPORT? My gut is to report this one...but I need some direction before making my decision.

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#2160811 - 01/17/18 09:22 PM Re: Mixed purpose loan Winning
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
If the primary purpose is agricultural, then you should not report.
If the dwelling is located on ag land, then you should not report.
Refer to the Commentary to §1003.3(c)(9)#1
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David Dickinson
http://www.bankerscompliance.com

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#2160813 - 01/17/18 09:25 PM Re: Mixed purpose loan Winning
Winning Offline
Member
Joined: Sep 2015
Posts: 88
Gotcha...thanks!

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