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February 4, 2022
Question

How do I answer 'Were all loan proceeds used to purchase, build, or improve the home secured by this loan?' when if was a refinance loan?

  • February 4, 2022
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1 reply

February 4, 2022

You would answer "yes" to that question if you didn't used the loan proceeds for purposes not related to improvements on your home. In other words, if you took some cash and used it to buy personal goods, then it wouldn't be used to purchase, build or improve your home.

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