Please see the steps below on how to enter.
- Set purchase price to price on contract
- Set the loan amount to the desired amount
- Navigate to details of transaction
- In the other credit drop-down, choose Land Purchase Fund
- Add a credit for the amount the borrower has been paying on the contract
- Run AUS
According to Fannie, if the contract is dated within 12 months, it is to be set as a purchase. If it is dated greater than 12 months it is considered a refinance