buying home and losing my employment

[mauricer]

I want to buy home just as about to lose my employment. If I say that I'm buying a home as a second property and if I manage to get approved, and the sale goes through, then I turn around and move into the new home, might there be any repercussion from the bank?

 

[adjusterjack]

If you lie on the applicationthat's mortgage fraud.

It's anybody's guess what any particular mortgage company will do about it.

Any penalty would be addressed in the loan contract so I suggest you get a sample copy from your chosen lender.

 

[whatyouwantfinally]

I want to buy home just as about to lose my employment. If I say that I'm buying a home as a second property and if I manage to get approved, and the sale goes through, then I turn around and move into the new home, might there be any repercussion from the bank?

1) They're likely to verify your employment.

2) Why would you even want to do this?

 

[marindependent]

Not sure the question is easy to understand. Read the mortgage contract inside and out. That being said most applications request information as it is or will be right as you buy the house. Changes can and will happen. People move, Folks quit their job, houses get sold

That all being said I would be super careful not being up front with the bank about your use of the property. I would also be careful how you insure the property.

 

[walthamny]

If you want to buy an investment property they typically ask for minimum 25% down and higher interest rate. WHy would you want to go with this choice first. If you are buying to live in it, downpayment can 3%, lower rate and likely lower Home Owners Insurance. If you lie over 25K in a financial transaction like this, they could charge you in a Federal court. I am sure there are state laws also banning this practice.

 

[SUNus]

From what I've heard, being upfront with the bank about your plans is crucial. Switching from a second property to your main residence post-sale might have some considerations. I'd suggest having a heart-to-heart with a Mortgage Broker in Birkenhead. They've been great at giving personal advice.

 

[Newby]

The whole reason it’s a problem is that if it takes too long for you to find other income you could go into default. You should be concerned more with that than the bank is. Why wouldn’t get that stuff behind you before you take on a huge debt like that.