Mortgage Fraud Question

[Joe Conklin]

Would the following scenario be mortgage fraud?

Acquire a property 5% down conventional loan on a property that is in a state where I work.  I plan to live in this property for a year and then rent it out.  One month later I get a job with a different company in a different state about an hour away from where this property is located.  I decide to get an apartment closer to where my new job is and rent out the property that I acquired with a 5% conventional loan.

[Jay Hinrichs]

@Joe Conklin your talking about an FHA loan that requires owner occ.

you may rent it and move if you can establish that this happened ...

People get transferred all the time.  Its all about intent. If you set this up to do this then yes if someone wanted to really dig into it probably could prove it was intentional.

tread carefully people do go to jail these days for defrauding Uncle.