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Posted by $cott on April 16, 2006, 4:26 am
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Arco wrote:
> 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?
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
EZMortgageLoanz@aol.com or hugh.miller@carteretmortgage.com
www.RealEstate-IQ.com
www.EZMortgageLoanz.com
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