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No. Make sure there's nothing about perjury in the contract. But fraud requires you to receive something material above and beyond what you would have normally received. A gain. A loan is not a gain. A loan must be paid back in full, whether it's 80% of the purchase price, or 97%.
They just want their money. This has little to do with you actually residing in the home and not profiting off of it being a rental. They say this because they want a reason not to extend you a second loan on the same terms.
This is incorrect advice. If you are financing it, you must disclose whether it will be owner occupied or not. The banks take on more risk for investment property than owner occupied, thus require more dn pmt and higher interest rates. The contracts you sign at closing state that mortgafe fraud is punishable with a fine and jail time.
I doubt the bank would ever find out, unless something catastrophic happened like a fire, then the truth would come out because you would need a landlord insurance policy.
The worst would be that he couldn't report back to tell us what happened!
Prisons have computers w/ access to CD. This might be a real chance to get the inside scoop on what life is like inside a minimum security country club prison. Go for it.
The loan officer on one of our investment property purchases told my husband that, in order to qualify for a loan through her credit union with a lower interest rate, he was to state that the property was our primary residence. He didn't really know any better (now he does) at that time and agreed to do so. I was not included in or informed about this conversation. Since I am the money earner in the family, I filled out all application materials and stated on the paperwork that this was an investment property. A couple of weeks later, I got a call from the loan officer who asked me to clarify the type of property, giving me several chances to say that it was primary residence. When she realized that I was not going to change my mind, she stated that her credit union did not do investment property loans and would cancel my application. My husband was furious with me, but after I told him to research bank fraud, he calmed down.
I doubt the bank would ever find out, unless something catastrophic happened like a fire, then the truth would come out because you would need a landlord insurance policy.
Your personal integrity only works when you're exposed?
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