It is perhaps one of the most well-known lays you to definitely home buyers share with mortgage brokers, and it will get on the new upswing: Receive a reduced rate of interest and you may advance payment, candidates say they want to inhabit our house as a principal residence while in reality he’s got zero such as intent.
Paul Skeens, president out of Colonial Financial Classification inside Waldorf, Md., says, We need some body you will need to tell me one to [our house] would be holder-occupied twice 1 month, and you can [I] discover darn really it’s just not. Skeens says then tries to publication him or her from subtleties – occupancy misrepresentation are unlawful and never worth the chance.
Freddie Mac computer, next-biggest mortgage investor, claims it offers not seen a recently available increase in occupancy con, however it is always been a typical misrepresentation when you look at the mortgage documents and you can our company is concerned about it, based on Jenny Brawley, a scam investigator from the team. (more…)