Is it legal to say that I may be buying a home to call it my first home? Can I simply say that I lived in the house for 2 days, then decided to rent it, just to get a lower rate on a mortgage? Is there any way to get in trouble trying to do this? isn't this thing done all the time? Arco
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Stating that an investment property is being purchased as a primary residence (in order to get lower interest rate) is a form of loan fraud which is punishable by loss of freedom, heavy fines and loss of assets.
Any loan officer that knowingly corroborates in this type of scenario is also guilty of fraud which is also punishable by loss of freedom, heavy fines and loss of license.
Don't do it, it's not worth the 1-2% in interest rate savings.
Regards,
Scott Miller National Commercial and Residential Lender/Broker snipped-for-privacy@aol.com or snipped-for-privacy@carteretmortgage.com
The Moderator erred in posting this because it's not tax-related. Maybe I can blame it on the time of day, pain killers, or alcohol. Regardless it should not have been posted.
This thread is now closed.
Dick
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