VA Mortgage Loan Fraud
VA Mortgage loan program gives an opportunity to the veterans to own a house of their own. The VA loan program is mainly extended to the veterans and it insures the mortgages and protects the creditors in case the debtor defaults in repaying the loan. Since VA mortgage loan protect creditors, they are easier to avail. Veterans who have been discharged from service due to any reason other than dishonor are eligible of availing the loan. If a veteran has served for a minimum period of 90 days also qualifies to get the VA mortgage loan. Of late, many instances of VA mortgage loan fraud have been reported.
Reports suggest that the incidence of VA mortgage loan fraud is increasing every day. Many people cannot resist the temptation of owning a house and in the process furnish wrong information either knowingly or under someone’s advice. Always try to give information that is factual.
You may also come across VA Home Loan consultants. They may not give you the correct advice always. They may try to manipulate your personal details so that you qualify even if you are not entitled to avail a VA mortgage loan. A VA mortgage loan fraud may also include an instance when the loan amount of the property value is manipulated so that the application doesn’t get rejected and meets the required standards.
Some of the common forms of VA mortgage loan fraud are given below.
- It should be kept in mind that getting involved in fraudulent activities or supporting such manipulations can jeopardize your chances of availing credit in future. VA mortgage loan scams can take bigger proportion.
- There are times when inaccurate appraised value of the property which has been used as collateral is provided. This is a type of fraud.
- Providing wrong information or statements about a buyer’s credit is also regarded as an instance of fraudulence.
- If you have made any payments to a 3rd party and have not disclosed it, it is regarded as an instance of VA mortgage loan fraud. The 3rd party can be a mortgage broker, a real estate agent or a loan officer.
- Sometimes the closing costs paid by the buyer are wrongly informed.
- If you don’t disclose the source of down payment, it is regarded as a manipulation.
The buyer is also held responsible if he provides any wrong information in his application. It is best to read the fine print before signing any document. You may be duped if you are not aware of the terms and conditions governing the VA mortgage loan.
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