Primary vs investment Loan
Hello BP,
I am getting started and just talked to a lender.
He said I can get a primary home loan if I keep my mailing address at the home of purchase even after I rent it out. Doing so will keep my interest rate at 3.7% or lower with down payment of 20% or less.
If I get a investment loan the rate jumps up to 4.7%-5.7% with a required down payment of 20% -25%.
What would y’all do?
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What Happens If You’re Caught Lying?
Are you still willing to take the risk? You could be facing major trouble if you’re caught. For starters, your lender could immediately demand full repayment of the loan. And they could move the property to foreclosure if you’re unable to pay. But that’s not even the worst-case scenario. Your case could be escalated to the Federal Bureau of Investigation, risking criminal charges.