The US Department of Housing and Urban Development warns everyone who are planning to buy a home and be approved of a home loan with loan fraud. They knew that a home is one of the most important investment every person has to make and becoming a victim of loan fraud is the last thing that anyone wants to happen to them. Unfortunately, there have been already a number of misinformed home buyers who became victims of loan fraud. But don't let this thing happen to you. Be a wise home buyer. "Don't be a victim of Loan Fraud."
Watch Out For
1. lenders who says they're your only chance in owning a home or getting a home loan.
2. HUD homes that costs higher than the other homes in the neighborhood
3. lenders who will ask you to sign blank sales contract or loan documents or with wrong information.
4. lenders instruct you to apply for a refinancing if you have credit or financial problems where they will ask you to falsify some of your information especially your income to get approved
5. cost and loan terms that often change and are different from what you have agreed to.
A good lender will allow you to take your time to shop around and compare prices of homes as well as loans. take note that HUD homes are priced lower than their actual market value because these homes are actually foreclosed properties taken over by HUD.
Be A Smart Buyer
1. Research as much information as you can so you won't be fooled by predatory lenders and one way of doing it is by attending a home ownership education course offered by some U.S. Department of HUD-approved, non-profit counseling agencies.
2. Talk to a real estate agent to guide you in buying a home or getting a home loan.
3. Shop around for home loan and compare costs. Always take your time.
4. Be honest with the information you write in your application by making sure it is accurate and complete. Likewise, be honest with your real intention in buying a house.
5. Read everything carefully and ask some questions if you don't know some terms. Don't sign unless you understand everything. Consult a trusted real estate professional or a skilled real estate law attorney to guide you in the home buying or loan process.
Watch Out For
1. lenders who says they're your only chance in owning a home or getting a home loan.
2. HUD homes that costs higher than the other homes in the neighborhood
3. lenders who will ask you to sign blank sales contract or loan documents or with wrong information.
4. lenders instruct you to apply for a refinancing if you have credit or financial problems where they will ask you to falsify some of your information especially your income to get approved
5. cost and loan terms that often change and are different from what you have agreed to.
A good lender will allow you to take your time to shop around and compare prices of homes as well as loans. take note that HUD homes are priced lower than their actual market value because these homes are actually foreclosed properties taken over by HUD.
Be A Smart Buyer
1. Research as much information as you can so you won't be fooled by predatory lenders and one way of doing it is by attending a home ownership education course offered by some U.S. Department of HUD-approved, non-profit counseling agencies.
2. Talk to a real estate agent to guide you in buying a home or getting a home loan.
3. Shop around for home loan and compare costs. Always take your time.
4. Be honest with the information you write in your application by making sure it is accurate and complete. Likewise, be honest with your real intention in buying a house.
5. Read everything carefully and ask some questions if you don't know some terms. Don't sign unless you understand everything. Consult a trusted real estate professional or a skilled real estate law attorney to guide you in the home buying or loan process.
About the Author:
Watch out for HUD fraud red flags when buying HUD homes at Boise Homes for Sale. Likewise, be a smartCrofton MD Homes buyer by by educating yourself with common signs of mortgage fraud schemes.
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