Bending a mortgage requirement criteria?

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Posted by Jamie on July 14, 2008 at 08:03:56:

Hello all,

This is more of a question regarding a primary residence , but I thought still this would be the best place to ask. To make a long story short, my Uncle was in the process of obtaining a mortgage for purchasing a SFH has been, but now the mortgage company is changing a condition and stating that they only finance homes that are primary residences (this was a home my uncle is purchasing for his kids going to college in that area and his nieces who just lost their mother).

Now, do the underwriters really go out of their way to investigate who lives in the house and for how long? After the mortgage is issued, are there periodic visits to the house to verify who occupies the home? I don't think so, but I figured I ask.

If there is, does anyone know of a company that offers mortgage to foreign nationals?

Thanks,
Jamie

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