first homebuyers: Honesty is the Best Policy - 07/31/13 03:24 AM
 
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)