3% Down Concentional Loan

4 Replies

My wife and I are considering taking advantage of a 3% down conventional loan to buy a multi family. However, it’s my understanding that you need to move in within so many days after taking possession of the property.

Does anybody know the penalty if you don't move in on time or ever, as long as the mortgage is being paid on time?

Who would generally check into this to ensure the owner has in fact moved into the property?

@Jeff Dixon , intent is the key here. As @Stone Jin said, this is mortgage fraud. What he didn't elaborate on is that this is a felony punishable by up to 5 years in prison.

If you don't intend to live in the property, don't tell the lender that you do.