Lying on Mortgage Application to Get Better Financing for Rental Property

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jun 19, 2018

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Many lenders will offer better interest rates on their mortgage loans to homeowners living on their rental property or are first-time home buyers.

Better Financing if Owner-Occupied

Lying about your intent to occupy the property to qualify for lower mortgage interest rates is fraud and a federal offense. There are severe penalties for your misrepresentations on the loan application. And, government officials do prosecute these types of cases. Often, this information is uncovered if a default on the loan occurs or a foreclosure procedure has been enacted. Credit obtained through fraud may not be discharged in bankruptcy.

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