Home mortgage: Making down payment using credit card offer?
by Author on Wednesday, September 1st, 2010 | 3 Comments
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Rule of thumb says you can’t borrow the down payment.
Yes they will have a huge problem with the bank, and this loan will not close; plus, all deposit monies paid to the builder will be forfeited.
You cannot borrow the downpayment.
If you take a cash advance out on a credit card, they will want to see the "seasoning" of the funds which can be 30 to 60 days.
If they know it’s from a credit card, they will want to repull credit to find out how your debt-to-income ratio is affected.
Where did your downpayment go?