Is it OK to sign an FHA streamline refinance, without the option to update our places of employment?

Our lender is suggesting we do an FHA streamline refinance, to go from 6.25% to 5.25%. She says because it is a streamline, though our income is not shown (as it's not required) she can't change the employer info on the forms. I got a better paying job since we bought, but my wife lost her job, so our total income is a bit less than it was before. I just wonder about signing paperwork that seems to confirm outdated information, but our lender says it's fine. Is this really all kosher?

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3 Responses to “Is it OK to sign an FHA streamline refinance, without the option to update our places of employment?”

GM says:

June 28, 2009 at 9:05 am

This is a perfect example of most common practice of mortgage fraud. Lying on the loan application. Your loan officer obviously wants to close the loan, so they can make money. If they underwriter does not do a verification of mortgage then there are very less chances of them finding out about the job history. But, if they do the verification then you will have some explaining to do because you have signed a legal document attesting to the above information. At times like this you should reckon about "if you want to be an accident waiting to happen"

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July 9, 2009 at 6:32 am

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July 9, 2009 at 2:44 pm

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