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#1998978 - 02/27/15 09:19 PM
Re: Purchasing new primary sec'd by existing primary
CRL
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10K Club
Joined: Aug 2002
Posts: 47,512
Bloomington, IN
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It meets the definition of a home purchase and you would report the property information for the property that would have secured the loan.
A 30 year term loan IMO could never be considered a bridge loan.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1999016 - 02/27/15 10:07 PM
Re: Purchasing new primary sec'd by existing primary
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10K Club
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Bloomington, IN
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report as purchase, report address loan is secured by, and occupancy as OO,
Correct.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1999244 - 03/02/15 07:50 PM
Re: Purchasing new primary sec'd by existing primary
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The Swamp
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Okay, now I'm more confused.
The intent was to purchase a new home secured by the 'old' PR. Wouldn't either case (withdrawn or orignated) (intent wise) be NOO on the security?
David, perhaps I'm not following your last two sentences. At best, The way I read it, it's backwards?
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1999246 - 03/02/15 07:53 PM
Re: Purchasing new primary sec'd by existing primary
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Bloomington, IN
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OK, maybe I'm not understanding here.
Whether they end up moving into the new home as their primary residence is not a factor in the owner occupancy to be reported for this loan.
The loan is to purchase the new home and will be secured by the borrower's current primary residence. At the time the loan is made the residence will be owner-occupied. The fact they may vacate the home after the fact would not IMO make the home securing the loan non owner occupied. And how would them moving or not moving into the new home affect the occupancy status of the current home which is securing the loan?
Am I missing something. If both homes secured the loan then I might see the discussion of occupancy for the property being purchased because in those cases the GIR states you should report the status of the property being purchased.
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The opinions expressed are mine and they are not to be taken as legal advice.
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#1999251 - 03/02/15 08:12 PM
Re: Purchasing new primary sec'd by existing primary
CRL
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10K Club
Joined: Nov 2002
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The Swamp
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Okay...now THAT I can comprehend and agree to the logic with.
Last edited by RR Joker; 03/02/15 08:12 PM.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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