I need help sorting this one out.

The mobile home that is security for this loan was puchased in 2008 by the borrwer's parents. The borrower was listed on the title along with the parents who were listed as security interests. Our loan paid the parents off; and paid to have the home moved onto a piece of land and for the improvemnts such as septic, well, etc. The home is now placed on the borrowers land, is de-titled. The land and mobile are the security for our loan.

I'm thinking that this isn't really a purchase since the title to the home was already in the borrowers name. Is this correct?

If not it looks like a home improvement loan as the funds were disbursed directly to the contractors doing the work on the spetic, etc.

We would consider this a purchase. The son owned 1/3 interest in the MH. He paid off his parents and purchased the other 2/3 interest in the MH.

Thanks Dan, I'm glad I asked!