Recently spoke to a friend that had to learn this lesson the hard way. He had taken some bad advice from a lender. This lender advised him to add his wife to his business’ payroll, so they could add her as income (when in fact she was a stay at home mom). This would allow them to qualify for a larger loan. When the loan went to the underwriter, guess what happened? His loan was declined.
I feel for my friend, because he was just taking the advice of a professional. But if a loan officer ever suggests being (1 comments)