Down payment funds

[Anonymous]

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@cartwrna wrote:
Lie about the source of funds? If it's seasoned you don't/aren't required to source it. Lying would be saying it came from here, when it really came from here.

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There is a question on the loan appliaction that states "are any funds used to close this loan borrowed?" - that is what ezdriver is referring to.

[StartingOver10]

Here is the mortgage application that mortgage lenders use (also called the 1003 form)

https://www.fanniemae.com/content/guide_form/1003rev.pdf

Read all the application. But the part that dpeezy is referencing is at the top of page 4 of the application. Read the small print, you will find it illuminating. 

[ezdriver]

I'd also add to the education on this subject that...

Because some downpayment funds are required to be seasoned, there is no rule that mandates an underwriter to no ask about the source of funds. Not all funds are required to be seasoned [eg: gift funds].

I'm just sayin...

[DallasLoanGuy]

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@texasmade wrote:
Is it okay to use some of my line of credit for my down payment, the monthly payment is already calculated in my monthly debts. Or will the uw frown about this, daughter's tuition is due around the time we close.

Thanks

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are you trying to say that tuition is cutting into your down payment?

can you write a check from the line.... made out directly to the school?  so it doesnt get co-mingled with your dp funds?

[Anonymous]

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@DallasLoanGuy wrote:

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@texasmade wrote:
Is it okay to use some of my line of credit for my down payment, the monthly payment is already calculated in my monthly debts. Or will the uw frown about this, daughter's tuition is due around the time we close.

Thanks

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are you trying to say that tuition is cutting into your down payment?

can you write a check from the line.... made out directly to the school?  so it doesnt get co-mingled with your dp funds?

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TThat was my first thought - pay tuition out of the LOC - then you aren't touching savings........

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[texasmade]

My line of credit is connected to my checking acct, I have to transfer the funds to my acct, its all connected so if I use it I have to transfer it to my checking