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

Question

I had to refinance my condo to buy-out my wife in our divorce. My refi mtge was sufficient to pay off my original note plus $20K to buy out my ex. I realize that the $20K is not "purchase money", but what about the rest of the note? Is that considered purchase money by lenders?

Answer 1

yes, it's a purchase money transaction. Dave is incorrect. Let me explain. If you were doing this buyout today, it would be a cash out. This loan has already been done, therefore, on your credit report it will report as purchase money.

Answer 2

You didn't refinance only $20k, did you? No, you refinance the whole amount, whatever that was, plus got new money. You now have a cash out loan.