HMDA: Is adding a small business to a home considered a home improvement

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Question:

Would adding a beauty salon to a home be considered home improvement for HMDA purposes?

Answer:

This is going to depend on whether your bank classifies such a loan as a home improvement loan on your books. I personally don't see it as home improvement, but rather as a commercial loan you should probably report is as a small business loan.

First published on BankersOnline.com 12/3/01