Lied to get a job. Can I get a mortgage?

[phoenix_down]

Originally Posted by LizardBreath

When I get to one year of work for my current company, will $60,000 down on a $400,000 2-1/2 or 3 family entice a lender to give me a mortgage? Income is in the $55-65k range now with a credit score above 800, including 5 years of verifiable rental management experience.

That's a pretty big mortgage. General recommendation is 2-3x of your income. See this page:

Mortgages: How Much Can You Afford?

[wankel7]

Originally Posted by LizardBreath

Thank you all for the intelligent and well thought out advice!

Will the following change the picture?

When I get to one year of work for my current company, will $60,000 down on a $400,000 2-1/2 or 3 family entice a lender to give me a mortgage? Income is in the $55-65k range now with a credit score above 800, including 5 years of verifiable rental management experience. For four years, I have been collecting rent and bills for a 3 bedroom and paying the $1400 rent to the current landlord. I find the tenants, set up the tenancy at will, and pay the other bills. I also know how to set up the eviction paperwork if it should be needed. I plan on having roommates live in my own place with me, and of course renting the other two floors if that helps get a loan. I can easily do the electrical, plumbing, roofing, woodworking, etc. I have also fixed everything on my own cars over the past 15 years to save money. Keeping myself financially viable is easy. I will only get a property that pays for itself entirely or produces positive income monthly. My experience has shown me how to market the rentals and find good tenants. How come banks don't see this as a very workable business plan and grant a mortgage?

Any thoughts will be appreciated!

I thought the bare minimum for an investment mortgage was 20%....min down payment is looking more like $80,000.

You gamed the system to advance to your current position. If you are discovered your income will drop to $0, you won't be eligible for unemployment, and your future employ-ability in your current field could also be zero. Is that risk worth having an investment property?

Who knows the person doing the mortgage employment verification knows the person in HR at your company. The odds are silly small...but you never know.

What time period were you receiving unemployment? Does that time period lapse across a "false employment" claim on your resume? I hope not because that could jump off the page....

I know you want it all now but just wait one year or so and get that solid two year work history behind you so you can do this without looking over your back every second.

[LizardBreath]

Update: I work long hours and they are so happy with me. All the studying, designing and building I did gave me so much experience. I keep my promises. They are going to make a ton of money.