Posted by GMann on September 15, 2004 at 13:58:29:
Nope…Owner occupied refis only.
Read the first sentence. “If you’re REFINANCING your mortgage or applying for a home equity installment loan”. All compliance officers will tell you that this applies to the primary residence only.
Since no major lenders allow Section 32, most people are unfamiliar with the Section 32 laws.
You need to ask someone that has been in the mortgage industry for at least 7-10 years. They were around when it was an issue. Not only for the points >=8%, but when rates were high and you had a C or D customer, you sometimes hit the APR threshold of 8% over the corresponding treasury.