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#58402 - 01/31/03 01:38 PM Unsecured Home Purchase Loans
La. Lady Offline
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La. Lady
Joined: May 2001
Posts: 1,873
Are unsecured home purchase loans reportable....I am totally confused......

Thanks for the help
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General Discussion
#58403 - 01/31/03 01:49 PM Re: Unsecured Home Purchase Loans
complylady Offline
Platinum Poster
complylady
Joined: Jul 2002
Posts: 614
Michigan
No, unsecured home purchase loans are non reportable (unless some of the money is also going for home improvement). See GIR Appendix AVA5 Code 1: Home purchase a. where it states if the loan is to be suecured by the dwelling being purchased or by another dwelling.
The only unsecured loans reportable are home improvement.

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#58404 - 01/31/03 01:55 PM Re: Unsecured Home Purchase Loans
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,706
Bloomington, IN
In reply to:

No, unsecured home purchase loans are non reportable (unless some of the money is also going for home improvement).


I agree. For home purchase and refinances the loan must be secured by a dwelling (not necessairly the dwelling being purchased or refinanced). However if part of the money in this purchase transaction is for home improvement, you would only report it as a home imporvement loan if you classify it as a home improvement loan.
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The opinions expressed are mine and they are not to be taken as legal advice.

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