Purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

Misinformed homebuyers, often first-time purchasers or seniors, become victims of loan fraud. To prevent loan fraud:

Homebuyers can attend a homeownership education courses.

Do NOT let anyone convince you to borrow more money than you know you can afford to repay

Never sign a blank document or a document containing blanks. If information is inserted by someone else after you have signed, you may still be bound to the terms of the contract. Insert "N/A" or cross through any blanks.


Read everything carefully and ask questions.

Loan fraud carries the penalty of up to a million dollar fine and 30 years in prison.

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