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#2262132 - 11/04/21 08:04 PM Loan Purpose - Equity to Purchase Rentals
COMPL101TX Offline
100 Club
Joined: Apr 2018
Posts: 108
Hi - We have a business purpose loan secured by rental property. This is not a refinance so the purpose would be Other and therefore not reportable; however, the loan purpose is to purchase other rental properties.

Am I correct in that the loan purpose is Home Purchase (dwelling secured loan to purchase another dwelling)?
Last edited by COMPL101TX; 11/04/21 08:05 PM.
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#2262137 - 11/04/21 08:19 PM Re: Loan Purpose - Equity to Purchase Rentals COMPL101TX
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Yes, you would be correct.

(j) Home purchase loan means a closed-end mortgage loan or an open-end line of credit that is for the purpose, in whole or in part, of purchasing a dwelling.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2262150 - 11/04/21 09:33 PM Re: Loan Purpose - Equity to Purchase Rentals COMPL101TX
COMPL101TX Offline
100 Club
Joined: Apr 2018
Posts: 108
Thank you Dan.

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