Currently in the middle of purchasing a home, BOA MB asked if I’m going to be the primary resident of this home, which I answered yes. Although I plan to do Sec. 8. My wife bought a home back in '04 which we still live in and I signed up for homestead exemption. BOA MB also said my wife will have to sign up for the homestead on this new home as I’ve done with the '04 home, I’m trying to avoid having her sign this homestead exemption. Is this primary resident issue something I need to worry about? What happens if my wife does/doesn’t sign up for the homestead? Looking forward to any input. Thanks. :help
If you’re applying for the loan based on living in the property when in reality it is a rental, that’s loan FRAUD! I certainly would NOT do that.
Mike
Thanks. I will talk to the MB regarding this.
You can have some serious issues if yoiu say that you are going to occupy the property and do not. Banks routinely check things like utilities to see if you indeed did move in and if you did not, they can call the loan.
With the mortgage situation as it is, I would not mess around here… tell the loan officer the truth, pay the higher interest rate and you won’t have to worry about the G-Men visiting you.