Fraud Alert! There is a growing trend in some markets called Reverse Occupancy which means that someone buys a property as an investor, but really intends to occupy the home. The reason they do this is because they do not qualify for the mortgage without the projected rental income. If a lender suggests this to you, do not fall victim to this!
Related Article Title: Freddie Mac – Reining in Reverse Occupancy Written by: Lloyd Rutherford, Staff Writer Opening your eyes to what causes lender buybacks or litigation is important if you are going to be in the business of lending money. The agencies periodically issue fraud trends that they see in our industry, and it is […]