Posted By: Georgia Golfer
Const/Perm... - 06/28/07 03:41 PM
We did a const/perm for $180 last year that was reported as a purchase. Now, the house is still not finished and we just added a 2nd mort for $64 to complete construction. This loan has a 6 month term and will be combined with the 1st at modification and sold in the 2ndary. My question is, do I report the $64 as a 2nd mort for a purchase or do I not report it at all since the term is 6 mo int only with 1 payment scheduled. even though it will be combined with a loan that we've already reported....the more I think about it, the more confused I get. I can argue with myself both ways on this...