Will a lender know how to bring up to date what type of mortgages I hold from looking at my credit report?
About three months ago, I purchased a home using my VA loan. The VA only does primary residence. I am trying to purchase another home now using an FHA loan which also just does primary residence. When the lender looks at my credit report, could they see it is a VA loan and know I just purchased a primary? Thanks in finance
Answers:
Yes, the lender will see the item on your credit report. You do not want to use fraud within dealing with any entity backed by the Federal Government. Source(s): Former Credit Bureau Manager
The reason they are saying you may be committing fraud is the route you are asking the question: Wondering if the lender would be able to share what type of mortgage you have. How could you have 2 primary residences? The short answer is, you cannot. You are trying to buy your 2nd property as if you are going to live in attendance primarily, and perhaps you are, but your VA loan requires you to live in that residence. If you be to get away with it, and I significantly doubt you would, with how tight and how paying attn to all details is so prevalent in a minute, you may be prosecuted for fraud, or you might have the loan called on one or both residences.
Sometimes a credit report will show it's a VA loan, sometimes it will not. MOST of the time, it will.
If the mortgage is new and you put that address down as your primary residence (and your credit report and paychecks will back this address up), they will know it's a contemporary loan b/c the credit report shows the date of origination.
Also, they will ask to see a copy of the note before they will consider financing on another home...the purpose is to integer out how the loan works...is it fixed, an ARM, a teaser rate...and that is when they will know it's a VA loan.
Yes, what you are getting ready to do is considered to be loan fraud because not disclosing confident information (if you read the fine print on the application) is the same as providing false information.
The reason you don't certificate the mortgage on a credit report is because you are not experienced in looking for them. This is usually the largest payment on the credit report, it's an installment loan, and the permanent status is for 30 years and they always appear first or second on a credit report.
Even if NONE of this appeared...when you fill out a loan application you endow with the lender the right to investigate your credit report further...that means the underwriter can pick up the phone, call the lender and ask them what type of loan it is...and they will do that on ANY immense loan.
I had a lady once that have a $600 payment that swore it wasn't an equity line of credit..when I call the creditor, it turned out she was right...she had financed a $70,000 majestic piano. Source(s): former VA and FHA underwriter
Bottom line is that it is obvious, they will know. They will also know you are trying to commit fraud.
Despite your claims you are not truthful at adjectives. You can only have one primary residence at a time. Trying to claim investment property as primary is fraud, plain and simple.
Yes, the lender will be capable of see who you pay your mortgage to.
Take a look at your loan docs that you signed. There will be some type of document in near titled "Occupancy Affidavit" that you signed under penalty of perjury & be it witnessed by a notary or an attorney (depending on your location.)
That's just one of the places that you could get nail for loan fraud. DON'T do it. Source(s): I used to be a loan officer. I also have been a loan signing notary for over 6 years & own notarized over 4000 loans.
Don't even try it. It would be mortgage fraud and you would be most potential in jail shortly after completing your dutiful times tour that you are now on. Source(s): http://en.wikipedia.org/wiki/Mortgage_fr…
Related Questions:
I own vein of credit at 2.5%. Should I refinance my mortgage to fix rate?
I just use my home equity line of credit 2.5% to retribution off my mortgage. Should I refinance to fix rate? I am afraid the rate will go up. If you can fix the rate at...
Answers:
Yes, the lender will see the item on your credit report. You do not want to use fraud within dealing with any entity backed by the Federal Government. Source(s): Former Credit Bureau Manager
The reason they are saying you may be committing fraud is the route you are asking the question: Wondering if the lender would be able to share what type of mortgage you have. How could you have 2 primary residences? The short answer is, you cannot. You are trying to buy your 2nd property as if you are going to live in attendance primarily, and perhaps you are, but your VA loan requires you to live in that residence. If you be to get away with it, and I significantly doubt you would, with how tight and how paying attn to all details is so prevalent in a minute, you may be prosecuted for fraud, or you might have the loan called on one or both residences.
Sometimes a credit report will show it's a VA loan, sometimes it will not. MOST of the time, it will.
If the mortgage is new and you put that address down as your primary residence (and your credit report and paychecks will back this address up), they will know it's a contemporary loan b/c the credit report shows the date of origination.
Also, they will ask to see a copy of the note before they will consider financing on another home...the purpose is to integer out how the loan works...is it fixed, an ARM, a teaser rate...and that is when they will know it's a VA loan.
Yes, what you are getting ready to do is considered to be loan fraud because not disclosing confident information (if you read the fine print on the application) is the same as providing false information.
The reason you don't certificate the mortgage on a credit report is because you are not experienced in looking for them. This is usually the largest payment on the credit report, it's an installment loan, and the permanent status is for 30 years and they always appear first or second on a credit report.
Even if NONE of this appeared...when you fill out a loan application you endow with the lender the right to investigate your credit report further...that means the underwriter can pick up the phone, call the lender and ask them what type of loan it is...and they will do that on ANY immense loan.
I had a lady once that have a $600 payment that swore it wasn't an equity line of credit..when I call the creditor, it turned out she was right...she had financed a $70,000 majestic piano. Source(s): former VA and FHA underwriter
Bottom line is that it is obvious, they will know. They will also know you are trying to commit fraud.
Despite your claims you are not truthful at adjectives. You can only have one primary residence at a time. Trying to claim investment property as primary is fraud, plain and simple.
Yes, the lender will be capable of see who you pay your mortgage to.
Take a look at your loan docs that you signed. There will be some type of document in near titled "Occupancy Affidavit" that you signed under penalty of perjury & be it witnessed by a notary or an attorney (depending on your location.)
That's just one of the places that you could get nail for loan fraud. DON'T do it. Source(s): I used to be a loan officer. I also have been a loan signing notary for over 6 years & own notarized over 4000 loans.
Don't even try it. It would be mortgage fraud and you would be most potential in jail shortly after completing your dutiful times tour that you are now on. Source(s): http://en.wikipedia.org/wiki/Mortgage_fr…
Related Questions:
I own vein of credit at 2.5%. Should I refinance my mortgage to fix rate?
I just use my home equity line of credit 2.5% to retribution off my mortgage. Should I refinance to fix rate? I am afraid the rate will go up. If you can fix the rate at...