So, if my cash out refinance was $100K total, I owed $50K on 1st mortgage and $25K on HELOC (some money of which used for qualified improvements and other money used for other things). I received $25K cash. $10K was used to pay off other debts, pay for college, etc. and $15K was used for remodeling. How much do I enter when asked how much of the loan was used to build, remodel, or repair the property? Do I enter $15K, $90K, or $50K + the amount on the HELOC used for improvements?
