Lying to Get a Home Loan is Now a Felony in Texas
A new law is now in effect in Texas that makes borrowers swear that all of their financial and personal information on their home loans is correct. If you’re caught lying, you can go to jail for 2-99 years and are subject to a $10,000 fine. In the past, many borrowers lied on their home loan applications to get loans that they could not get otherwise. This is just another step in trying to clean up the home loan industry, which is in crisis right now.
