www.GetLoans.com | Explaining occupancy fraud as it relates to mortgage underwriting, while walking on the beach in Manhattan Beach CA. Occupancy fraud is when someone says they are going to live in the property as their primary residence when they really have no intention of living in the property as their primary residence. Instead, they really are going to rent it as a rental property. Why? Because you will get a lower interest rate buying a property as a primary residence as opposed to a rental property. So, there is a financial incentive.
An underwriter is skilled in looking for mortgage occupancy fraud. Brian explains the things an underwriter looks for:
1. A buy down in value
2. Geography
3. Driver's license
Underwriters are looking at loans much more closely these days and occupancy fraud is one of the biggest things they look out for. You'd be surprised how much this happens. Is someone trying to beat the system to get a lower interest rate than they deserve when they have every intention of renting a property out?
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5 сен 2024
