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Loan to Pay Off Partners Per HUD- True Refinance?

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Question: 
An entity is refinancing a loan .....the purpose of the loan is to provide funds to refinance the existing debt on a SFR. The proceeds are not being used to pay off another financial institution but to pay off the partners per the HUD. Is this a true refinance?
Answer: 

It sounds like a purchase loan, not a refinance.

First published on 06/24/2018

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