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Level 1

HELOC used as bridge loan for new home purchase - secured by purchased house

For my new primary residence purchase (in 2018), I used two loans after 10% down payment. Primary loan for the 80% purchase price and 10% with a HELOC - both secured on purchased home. In TurboTax, there is a question "Is this the original loan you took out to purchase this property?". For the primary 80% loan, the answers are straightforward. For the 10% HELOC, I wasn't sure since I am certainly using it as a "loan", but the product by the lender is technically a "HELOC". Do I pick the "Yes, this is the original loan I used to buy or build my home" answer or "No, this is a home equity line of credit (HELOC) or a loan that's been refinanced." option? Thx.

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Level 6

HELOC used as bridge loan for new home purchase - secured by purchased house

Select "no" and then you will get more questions about how much of the loan was used for buy/Build/Improve you and just indicate all of it was for that.