Customer purchased a lot of vacant land (29 acres). He plans to build his primary residence at a later date. All he is using the proceeds of this loan for is to purchase the land only - no further funds from this loan. He intends to refinance this loan into a construction loan when he feels he is ready to begin work on the house. He did not specify a timeframe for this, only stated "at some point."
Is this loan subject to RESPA?
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