All Forum Posts by: Phil G.

@Nick Mulligan

You might look into a MassHousing mortgage.  In Plymouth County if you earn less the $139.5K, you can qualify for a MassHousing mortgage.  If you earn less than $103.4K, you can qualify for a low-interest (1%), 15 yr 2nd mortgage up to 3% to be used as down payment assistance.

Take a look at the NACA program (www.naca.com). It's a zero down, zero closing cost loan that will allows for the purchase and rehab of a 1-4 family owner-occupied property. Downsides: going through their qualification process takes a while and can be a bit of a pain and the property must remain owner-occupied for as long as you have the NACA loan.

There are also some lenders doing zero down FHA loans. Though most of the programs I've seen are only one or two family.

YET..  Hopefully they will be at some point.

Don't remember seeing anything when I read through the bill.  Here's the bill for a little light reading:

https://www.congress.gov/bill/115th-congress/senat...

The MLS systems I belong to made a conscious choice to allow entry-only listings. The flat-fee brokers incur the same membership fees, CE and licensing expenses as you do. They've decided on a different business model.

Many entry-only listings don't end in a sale.  They are expired or canceled and wind up with a full-service agent.  Some flat-fee brokers use the entry-only listings as loss-leaders to capture more lucrative full-service listings when the sellers, who thought they could do it themselves, give up.  Or they refer to another agent for a referral fee.

I would rather seem them on the MLS, available for buyers agents to sell than just as FSBO listings on Zillow.

Sorry for the brief rant.  But it drives me crazy when posters talk about "Wholeselling" and being a "wholeseller" or worse a "whole seller". 

If you're engaged in a profession, job #1:  Learn to spell it.

Your friendly "proofreeder".

They are something of a unicorn. It took me a long while to find just one lender that does them here in New England. In speaking with some of the other lenders I refer FHA 203(k) business to, the general consensus is that these deals would be somewhat of a complex nightmare to deal with, so most lenders just don't offer them.

My last word on the topic.  When you sign a mortgage package, you will likely sign a statement containing the following language.  Lookup the statutes and decide for yourself.

Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years
in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding
income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan
and credit application for the purpose of influencing in any way the action of a financial institution.
Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage
Fraud include:

18 U.S.C. § 1001 - Statements or entries generally
18 U.S.C. § 1010 - HUD and Federal Housing Administration Transactions
18 U.S.C. § 1014 - Loan and credit applications generally
18 U.S.C. § 1028 - Fraud and related activity in connection with identification documents
18 U.S.C. § 1341 - Frauds and swindles by Mail
18 U.S.C. § 1342 - Fictitious name or address
18 U.S.C. § 1343 - Fraud by wire
18 U.S.C. § 1344 - Bank Fraud
42 U.S.C. § 408(a) - False Social Security Number

It's not really the length of time.  It's that it is a contrivance intended to defraud.  Whether they do a convincing enough job to avoid detection or question of impropriety or the ability to mount a good defense in the case of a prosecution is a different question.  The question originally asked, was whether it was fraud.

The deceit is boosting the paycheck with the intent of manufacturing pay stubs to induce the bank to make a loan that it wouldn't otherwise do. Neither OP nor her boyfriend qualify for the loan given the actual situation.