Is a refi still considered to be a purchase money loan?

Purchase money mortgage is just what the name says - for purchases. Talk to a qualified and licensed local loan officer, or stop in their office to get all your questions answered. I'm right up the road in St Paul, and would be more than happy to help. Click my name to the left to learn more

Purchase money is exactly that.. purchase money.. you purchase the property, and any other type of financing on that same property with the same owner will be some sort of refinance, heloc etc... WilliamAcres.com

If you were forced to pull cash out in a refinance for a divorce and can show this in the divorce documents, then it should not be considered a cash-out transaction, but it would still be a refinance and the new loan you have wouldn't be the purchase money loan. Dan Eveland 763-746-9919 www.whatisyouraddress.com

Purchase money is used for a purchase

>>Is that considered purchase money by lenders?No.

It depends on the purpose you are asking the question for. Truly, a purchase money mortgage is one where all of the funds were used to purchase the home securing the mortgage. Everything else is NOT a purchase money transaction. However, just because a mortgage is refinanced, does not mean that it loses all of its purchase money mortgage characteristics. If the question is related to a foreclosure or short sale, and possible liability to the lender, then this question is best answered by your attorney with clear knowledge about the circumstances. If it is for tax reporting purposes, relating to the receipt of a 1099 for forgiven debt, then the question should be directed to your accountant. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com