Find four seperate banks and do four FHA purchases all at the same time arrange the closings 2 on the same day and the next two the day after. you could get a higher LTV o/o 97.75% financing on each. use all four as primary residences. it’s been done before! i wish they were in new york boy! alot of points…
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First of all, if its a banker with DE underwriting, there is no way to do this without giving up 3/4 of the business to the competition. Secondly, if its a broker using an FHA mini eagle they’d be leading each lender to believe they are writing an owner occupied loan when in fact each application was taken knowing that the same applicant claimed to be purchasing three other properties as owner occupied. Could have a frightening impact on a company, the loan officer, and the status of the FHA mini eagle.
I am with you!! I too have been doing loans for a long time and I have not heard of that program either. If you find out who is offering that kind of money, could you please email me with the information. I am very curious.