Have you ever gave false info on a legal document?

Happythoughts

I am in a situation ..... I want to buy a new home but my debt to income ratio does not allow me to purchase the home I want. Since I have great credit I am able to go stated income...the problem is that I will have to fib a little to get the loan amount I want. My issue here is that I don't feel great about fibbing

blondie

I fib on my weight when I get my driver's license.

Blondie

Happythoughts

hahaha Blondie! I have not changed the wieght on my drivers license (10 years) EVER. I think it is a common thing to do.

tyydyy

How bout this?

If you think you will meet or exceed that income level during the life of the loan then that's what they're really looking for isn't it?

Sara Annie

They will verify that the income you stated on the application is correct, you know. Stated income combined with your exemplary credit record may get you a quick pre-approval letter, but actual due-dilligence checks will be done to verify your information as accurate before they just hand you a mortgage approval and fork over the cash. It's not as if they'll say "Well, he listed $200,000 per year here on the app, that's good enough for me!"

Don't lie about it, it will likely come back to bite you on the behind. And, on the off chance that your lender's office is silly enough to approve you based on the information you give them without proof of it's veracity, you'll be saddled with a mortgage that-by your own admission-you can't actually afford.

Perhaps you could spend a few months working to decrease your debt:income ratio to an acceptable level before you saddle yourself with a mortgage that the bank wouldn't honestly extend to you based on your current debt level.

Just friendly advice from your neighborhood accountant.

rem

Sara is right. Pre-approval is much different than the actual approval while your loan is being processed. Everything is verified. In this case a copy of your payroll stub that shows year to date information will be required to verify your income when the loan is sent to the underwriter for final approval.

rem, currently in a nightmare of an escrow

Mulan

By mistake I entered the wrong Social Security number on our tax return for 2001. I wrote a letter, included with the 2002 return. So far no ill effects.

It's best to be truthful. They usually find out anyway.

Happythoughts

Honesty is the best policy..... Why couldn't I have been born rich. Smiles Thanks everyone for all the good advice.

freedom96

There are in fact loans that specifically will not ask for income verification. I see it all the time in my industry.

What will happen is that you will pay a higher interest rate. Depending on the type of loan you are getting, income simply is not verified as long as the good credit is there. But I would check the facts out before writing an amount that is not true.

Plus, there are red flags that pop up. If someone puts down a big income for a job that everyone knows does not pay well, then questions are going to be asked.

rem

Yeah, I was just talking to my brother about this. Apparently he got a loan that only required a stated income. It was a special type of loan and the broker had to work something out or something. Interesting - I didn't know they had those. I think he did have to pay higher interest for that type of loan too. Also, the broker had to change his job title.

rem

Have you ever gave false info on a legal document?

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