Tag Archive for: owner occupancy

LOs Can Quote ANYTHING When You’re Not In Contract; Owner-Occupancy Fraud Alert! Hot Inflation = Higher Rates

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We lost a borrower during the pre-approval stage to another loan officer (LO) who quoted an “estimated” interest rate that was 1/4% lower than ours. We tried to explain to the borrower that LOs often quote below market rates to lure borrowers in before they’re in contract – but our borrower fell for the ruse. LOs get away with this because they know they don’t have to lock in the rate before borrowers are in contract. The LOs hope that rates will fall, that borrowers will have short memories, that they can tell borrowers rates went way up since the last quote, or that borrowers just won’t want to go to the trouble of going to a new lenderRead More

How Does A Rent Back Work; Owner Occupancy Rules

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In the fast-moving world of real estate, oftentimes, homebuyers find that the timing doesn’t always align with moving schedules. Oftentimes the sellers may still be trying to find their dream home or might not be ready to move just quite yet. With the option of rent back (or lease back) agreements, this doesn’t have to be a concern for sellers worried about the timing of their home sale.Read More

Seller Rent Backs & Owner Occupancy Rules

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OWNER OCCUPANCY Fannie Mae, Freddie Mac, and FHA all require buyers to move into a financed property within 60 days of close of escrow to meet owner-occupancy requirements. As a […]Read More