single family home
manufactured home on a permanent foundation
multifamily property with up to four units
land, including a lot where you plan to build a home in the future
timeshare (different guidelines apply)If you apply for a loan secured by any of these types of properties, then the lender must follow TRID guidelines.So the TRID mortgage rule applies to both land loans as well as construction and construction-to-permanent (C2P) loans even though you may not live on the property immediately after your mortgage closes. In fact, the Consumer Financial Protection Bureau (CFPB), which is the government agency that implements TRID, issued a bulletin in 2016 that clarifies that TRID does indeed apply to construction loans.
Review What is TRID?Please note that the TRID mortgage rule only applies to consumer loans and not commercial transactions such as acquiring land for the purpose of building a property with more than four units. So if you are a developer that wants to finance the purchase of land to build an apartment building, a different set or regulations apply to that loan. Additionally, if you are buying a multifamily property with five or more units,TRID does not apply to the loan even if you intend to occupy one of the units as your primary residence.If you have a unique financing or property situation, we recommend that you contact the CFPB for clarification of the regulations that apply to your specific loan.
“Know Before You Owe Mortgage Disclosures and Construction Loans.” CFPB. Consumer Financial Protection Bureau, January 2016. Web.View All Lenders