Posted by GMann on September 15, 2004 at 09:11:24:
I am not an attorney and this is not legal advice…Seek an attorney for legal advice.
With that being said, residential (1-4 units) properties should always follow RESPA laws (federal mortgage laws), regardless of occupancy. The grey area here is when a mortgage company lends the money to a business/corp. on a residential property (1-4 units)…Commercial loan???(largely unregulated).
All lenders have to pre-disclose their terms regardless of what type of financing it is (mortgage, auto, credit card).
Just get a GFE. If they won’t give one, you may want to question the transaction.