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Path: utzoo!watmath!clyde!burl!ulysses!mhuxl!houxm!hou2b!kane
From: kane@hou2b.UUCP (J.KANE)
Newsgroups: net.invest
Subject: Real Estate: Non-owner occupied Mtgs
Message-ID: <265@hou2b.UUCP>
Date: Mon, 23-Apr-84 22:03:23 EST
Article-I.D.: hou2b.265
Posted: Mon Apr 23 22:03:23 1984
Date-Received: Tue, 24-Apr-84 19:02:13 EST
Organization: AT&T Bell Labs, Holmdel NJ
Lines: 20


     The mortgage rates quoted for an owner occupied home are significantly
lower than those rates for non-owner occupied housing. In addition, the
minimum down payment on an onwer occupied home is lower than the minimum
for non-owner occupied housing.  

      I was told that if you wish to buy rental property that you can lie and 
tell the mortgage company you will be occupy the home. By doing this you can 
take advantage of the much lower rate and downpayment. I realize  I must 
forward any U.S. Mail to my real house and that I would have to buy a 
homeonwers policy on the rental property. I realize that you can only do this
once to a bank, ( can not have more than one mortgage with them ) and that
the rental property you claim you are moving into should be in the same
ball-park as your present home ( not significantly lower ).

How would the bank ever know you were going to rent it out?  
Is there something missing here?

--kane!hou2b