They has the aroma of an effective refinance, but the regulation is obvious that it is a buy. You’d a request to shop for a home. You made a bridge loan (which is not reported) and after that you statement the next stage. The complete request was to own a purchase, and so the next (reported) stage is actually a beneficial “purchase”.
We’ve talked about it before and never individuals believes, however, I implement an equivalent reasoning so you can a home update mortgage which is busted towards the dos stages. The 2nd stage is actually an excellent “do it yourself” loan, perhaps not a good refinance. [I am not trying to ope which can away from viruses again]