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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (22693)8/1/2004 5:02:17 PM
From: TradeliteRead Replies (1) of 306849
 
No, it's definitely not a recent thing. I've never seen a real estate settlement in which one of the bazillion papers presented by the closing attorney to the buyer from the lender doesn't require the buyer to sign a statement to the effect that he intends to occupy the property, plus that no other loans hidden from the primary lender have been taken out in the transaction.

Note the reference to a bazillion papers that the lender presents for the buyer to sign. Maybe you overlooked that paper? Or maybe some other circumstance exists in your state which precludes this. I can only say what I know to be true in my experience.

If there is any doubt, get off the internet, where deceptive lenders reign free, and ask a local loan officer from a reputable lending institution whether interest rates and down payments differ for owner-occupant loans vs. investor loans.
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