Lenders are concerned about their investment. If the "borrower", meaning you, can afford two mortgages along with personal debt then they have no issues lending you the money. There are certain restrictions to your down payment amount and the occupancy status of the homes. I suggest you speak with your lender and clarify all your concerns. If for some reason the lender has not noticed that you are in a multiple lending situation then be prepared for one or both of your deals to fall through at or near closing. Lenders have gotten better at verifying everything before closing. Please feel free to visit our blog if you have any further question at http://www.newmanknowschicago.com
Real Estate Broker
Newman Realty Group
The penalty is $1,000,000 fine and/or 30 years in jail.
Not that I am saying you are doing this, but I want people to understand that mortgage fraud is a very serious crime.
Talk to Michael Plating at Inlanta Mortgage.
(630) 842-3328 or email him, firstname.lastname@example.org
Best of luck with this, if you need any other help, let me know.
Sohail A. Salahuddin | Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
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