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@Anonymous wrote:
@DallasLoanGuy wrote:Cannot be borrowed.
Okay, here's a dumb question (and, NO, I am not seeking to "buck the system!!" ): what's to keep someone from cash advancing the money from a CC to pay for closing?
I mean, how would they KNOW where the money came from?? bank deposit?
For that matter, why can't you borrow the money for closing? I thought that some loans roll the closing costs into the loan itself ... wouldn't that be borrowing for the closing?
Again, not trying to find a way to get past the system or cheat in ANY way, just curious!!
@Anonymous wrote:
@DallasLoanGuy wrote:Cannot be borrowed.
Okay, here's a dumb question (and, NO, I am not seeking to "buck the system!!" ): what's to keep someone from cash advancing the money from a CC to pay for closing?
I mean, how would they KNOW where the money came from??
For that matter, why can't you borrow the money for closing? I thought that some loans roll the closing costs into the loan itself ... wouldn't that be borrowing for the closing?
Again, not trying to find a way to get past the system or cheat in ANY way, just curious!!
@DallasLoanGuy wrote:
@Anonymous wrote:
@DallasLoanGuy wrote:Cannot be borrowed.
Okay, here's a dumb question (and, NO, I am not seeking to "buck the system!!" ): what's to keep someone from cash advancing the money from a CC to pay for closing?
I mean, how would they KNOW where the money came from?? bank deposit?
For that matter, why can't you borrow the money for closing? I thought that some loans roll the closing costs into the loan itself ... wouldn't that be borrowing for the closing?
Again, not trying to find a way to get past the system or cheat in ANY way, just curious!!underwriting guidelines say 3% down, they mean 3% down. borrowing 3% = 100% financing.yes, the seller funded dpa got around it.... but we all see what happened with that.could someone get a cash advance and let it season for 2 months in cheching so there aren't any large deposits on the 2 months bank statements provided? sure.... but you are answering a question on the loan application that says: "is any part of the down payment borrowed?" if you say no.... you committed mortgage fraud.
Wonderin wrote:
Once again, I gotta say, I don't see how you keep up with all this stuff!! o_O
@DallasLoanGuy wrote:
@Anonymous wrote:
Once again, I gotta say, I don't see how you keep up with all this stuff!! o_OWhen I get lost..... I ask Shane. LOLbut seriously.... after 2 months seasoning, do you really know whether the money in your account is borrowed or not?Let's say I took a $100 cash advance to pay the water bill.... then got paid. now I have 3%. Is there any borrowed money in my account?!?!?It does come down to ethics....
Wonderin wrote:
I should probably mention two things: Mama was an FBI agent and could spot a liar at 100 paces. The few times I DID try to lie as a kid, I got found out, and lemme tell you, that woman could GUILT you. I mean, crying, begging, drooling, slobbering, incoherent guilt. Offering to throw yourself in front of the first speeding train kinda guilt.
Now, that's what I call negative reinforcement!! o_O
ok, just kidding.... sory..... it is late and i couldnt resist
@DallasLoanGuy wrote:
@Anonymous wrote:
I should probably mention two things: Mama was an FBI agent and could spot a liar at 100 paces. The few times I DID try to lie as a kid, I got found out, and lemme tell you, that woman could GUILT you. I mean, crying, begging, drooling, slobbering, incoherent guilt. Offering to throw yourself in front of the first speeding train kinda guilt.
Now, that's what I call negative reinforcement!! o_OMay I suggest a litle reading for your issues?Sigmund Freud
ok, just kidding.... sory..... it is late and i couldnt resist