The Houston real estate market seems to be a lot healthier than the rest of the United States right now, and people still have their dream of owning a home. There are times when a person wants something so much, they will lie to reach their goal, and that is happening quite frequently in H-Town lately. Apartment dwellers that cannot wait to purchase a stand alone home are being very bold in they way they fill out their home loan applications, and this is going to cost them dearly if they are successful in obtaining a mortgage with incorrect data. The mortgage industry as a whole has tightened the reins on approval even more over the last few years, and people are pushing the envelope in what they must do to be approved.
Since most loans are secured with the guarantee of the Federal Housing Administration currently, people inflating their incomes, and having others verify the lies all fall under eye of the federal government. Ten years ago, they could not tell who was lying on the home loan application more, the broker, or the applicant, and the truth is both were doing it without the other knowing. Now more exhaustive background checks are being done on home mortgage documents, and the odds are that you will be doing a few years in a federal prison for what you might have thought was just a little white lie.
It is not worth the few months or even maybe two years of living in a home of your own, to only losing it, and possibly your family, and all personal possessions. This type of crime brings down the full weight of the US District Attorney, FBI, and the Internal Revenue Service on your head. Climbing out of such a scenario and rebuilding your life will take years if not decades.
Do yourself a favor and use the time when you cannot qualify for a home loan, to clean up past credit infractions, get more education for a better paying job, and get that credit score up to 750 if not higher. Staying out of debt will also help in getting to that place you need to be for buying a home as well.
There is a reason there are certain guidelines for mortgage approval, and the lender will know if you fit the guidelines when telling the truth. Dishonesty about income will only help for a few months, because in reality the funds from your real monthly salary will not be able to cover the loan payments anyway.
Tags: home loans, mortgage