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In Response To:
Thread Starter: Anonymous
Title: Re: New loan purchase and a refi

I am curious as to how to proceed. I have a consumer purchase loan to purchase a new dwelling and also secured by the current dwelling, but this loan will payoff (refinance) the current dwelling into this loan as well. 90% of the loan proceeds will be used to purchase the new home. The rest of the money is to payoff the current home. Can this loan be treated as a purchase with no rescission or must I give rescission on the 10% of the funds for the home being paid off.