Posted by phil fernandez on April 01, 2000 at 14:15:20:
The bank doesn’t have to know about your addendum, but if they find out about your rebate, the bank has a good case against you called fraud.
The bank is making the 90/10 loan to the buyer thinking that you are putting 10% down when in actuality there is no money being put down on the deal. Would the bank do this deal if they knew that 0 downpayment in involved? Good question.
Don’t try to hide anything from the bank. It could come back to haunt you especially if in the future your loan goes bad.