Financing possibilities for obtaining mortgages

[Rodney Montalvo]

I have a question.  Can you finance a multi family with the false pretense that you are going to be living in one of the units? Thereby obtaining a lower interest rate on your mortgage.  Does the lending institution ever investigate?  Is it possible to obtain the mortgage that way and then by chance you decide you would rather rent out all the units? 

 I'm sorry to be so upfront with my intentions but I'm sure I am not the only one that has thought of it.

 I look forward to the results. Thanks in advance for your time.

[Andrew Kerr]

@Rodney Montalvo - That would be considered mortgage fraud. While you might get lucky and have no one check, I personally wouldn't risk it. I have done property inspections for banks where they ask me to verify the occupants. They are rare. But I would also ask do you want to build your investing career starting out doing something illegal?

Then lastly, if you want the more attractive financing, move into a unit for a year (or whatever the requirement is), then move out and rent it. Problem solved.