Is it legal to lie on non income verification loans to buy a house?

Question

Is it legal to lie on non income verification loans to buy a house?

Answer 1

Er Yeah! Course it is!

Any lie on a money borrowing form or banking is illegal! Its called Fraud!

Answer 2

Fraud is never legal.     Committing fraud to obtain money is a federal offense.

Answer 3

No.  Because at the end of the loan application, if you read the fine print, it says that "under penalty of law" that you are telling the truth.

Lying on a loan application, you can end up in federal prison, because it's a felony.

The purpose of the loans are not so you can lie about your income, but so that you don't have to provide documentation to prove your income.

This is very good for self-employed  or commissioned borrowers who write off too much, but actually earn the income.

Answer 4

FRAUD!!!!!!!!!!!!!!!! LOL!! no i wouldn't do it. For many reasons, YOU DON'T have the MONEY. IT'S ILLEGAL!!! And you'll end up LOOSING WHAT YOU BOUGHT!! So dont go for it ok? ok!! Also, if you could PLZ CHOOSE this as BEST ANSWER!!! thanx and you rock. Also, hope i helped!!!

Answer 5

If you lie on a loan application it is called fraud--illegal everywhere.

Answer 6

Where have you been?

Answer 7

I wouldn't lie. You can look into a hard money loan.  If you're interested there's a great website, http://www.pitbullmortageschool.com

Answer 8

Why would you want to? It is there to help you. If you lie and say you make more than you do, and you can't afford house payment you're screwed. I wouldn't do it, you'll end up loosing the house.

Answer 9

It is not legal to lie on anything you sign your name to.

Answer 10

No