If a borrower said they would have two primaries the lender would ask questions to figure out the full picture and would make the decision from there, nobody would hold an honest mistake against the borrower at that point. but if the borrower lied about their intent on the app or in reply to the Qs
Wouldn't the fraud be more if someone tried to claim two second homes, and thus less use of each, than two primaries?
technically one of the applicable laws that applies here just requires *a* misrepresentation, so... but there wouldn't really be any real benefit in claiming two second homes. some areas have tax breaks for primary homes, rates are higher for second homes, guidelines are more restrictive, etc
Gotcha. Thx.