Quote:
|
3. When purchasing an investment property you will now require a 20% down payment. This is the most significant change as up to this point you were able to qualify for rental properties with only 5% down.
|
How do mortgage companies monitor this? I know real estate lawyers will have you sign a statutory declaration saying that you intend to reside in this property, it won't be used for any other purpose, etc. Do lenders ever check on this?