What's going on, everyone. Welcome to Real Talk Real Estate. This is Mortgage Monday. I'm David Green, and he is the dashing Christian Bachelor. Christian, how are you today? Pretty good. We got another one coming at you guys on whenever Monday, this one gets published on. Yes. Well, it's the Mortgage Monday. If it's a Monday, and they are here for it. All right, today's show is about mortgage fraud, as you could probably tell from the thumbnail title.

And we're going to be talking about how you can get in trouble for mortgage fraud, what is not mortgage fraud, what makes it mortgage fraud, all things fraud so that you know where the lines are and how to stay in compliance.

And I'm excited about it.

So let's get this thing kicked off,

Christian. First off, let's talk about some common misconceptions with mortgage fraud.

And he didn't know I was going to ask him that. So I'm going to give you a little bit of time

to think about some common ones you see. But there is an obvious one when it comes to mortgage fraud.

And that's that it is fraudulent to get a primary residence loan

and then move out of the house. There are people that believe, like, if you buy a house as a

primary, you're legally obligated to live in it for a year. And some people even think you have to

refinance it if you ever want to rent it out. I get these questions on seeing green pretty

frequently. Can you bring some clarity on what your legal requirements are

when you are applying for a primary residence loan? Because obviously these have lower down payment

requirements as well as better interest rates. Yeah, you got to, I mean, I'll make it really simple for you

guys. When you close, your intent is recorded on like an official legal document that your intent is to occupy the property within 60 days of your closing.

So you got two months to move in and you will remain in the property as your primary residence for 12 months.

If you get repositioned for work or obviously change of life circumstances, there are exclusions where you can request to move out early.

But it is not supposed to be an investment tool.

So, like, you're not supposed to be able to buy a primary every month.

Like, there are strict rules in place to avoid against that because the way that underwriters and lender see it is if you're buying a rental

property, buy rental property, right? Now, we preach a strategy that very strictly stays within

the rule set, which we preach the one house a year strategy. That means you can buy a house

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