<p>Ok, we are still another year away from completing FAFSA and CSS Profile forms, but I'm trying to foll all this year so I can be prepared to get everything completed early next year for my DS HS class of 13.</p>
<p>We purchased our home in 1996 on a handshake and for very little cash. The house need a complete remodel - DH literally take it to the foundation and rebuilt over an 11 month period. We obtained a construction mortgage to reconstruct. Without the reconstruction, we could not receive a Use & Occupancy (hence, could not move in in the condition it was purchased as). </p>
<p>When asked for the purchase price on FA forms, can I put the reconstructive loan price?</p>
<p>If no, how do I convey that the "purchase" price was not for a home that could legally be used as an occupied building?</p>
<p>Don’t the forms want to know the value of your equity in the home (ie whatever its current value is minus what you owe)? Purchase price is really not relevant. I guess this is not for FAFSA because your home equity is not included in FAFSA calculations.</p>
<p>CSS profile does ask for purchase price. I’m not sure how to answer your question except to note that the CSS have a space in which you can detail unusual circumstances.</p>
<p>Longhaul…that’s exactly what what I would do if I were in your shoes. And what I have done, when anyone asked what we paid for our home I use the loan amount (since the house was not habitable when we received it) and whenever I had to value the house I used market - minus that loan. We had it paid off by the time the kids started going to college, but I would have done the same thing.</p>