So… I haven’t done anything. But I know that this little family got a “first time buyer” mortgage for a place in our neighborhood and they are living elsewhere.
They come over on weekends and pretend to be residents but it’s a scam so they can get a better mortgage deal.
They are taking this opportunity away from a family that might be legitimate first time buyers.
Also… they are just going to turn around a rent the place.
No they aren’t.
Them getting that mortgage has no impact on anyone else getting it.
YTA…
Who are you to dictate how someone should use their property?
Staying there on the weekends means they are residents.
No. Sorry. In this area first time buyer status is awarded under the condition that a purchase is not an investment. Residency is determined by calculating the percentage of the year over 50% that the family resides in the property. Weekends alone don’t come close.
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Qualifying for a mortgage under false pretenses is fraud. There are different rules and rates for someone intending to buy a property as investment vs a secondary home vs a primary residence.
For first time homebuyer programs, there’s often a budget for those credits, so it’s very likely that whatever benefit they got was denied to someone else due to spending the entire budget.