Credit Card Center Advertiser Disclosure†
07-17-2014 10:00 AM
07-17-2014 11:23 AM
Is he paying the closing costs? The seller cannot gift you the downpayment, but can pay closing costs so if that would free up your cash it's an option. Can you sell something? Some lenders let you take a loan against something you own in full (car, diamond ring etc), but not all. I'm sure others have more insight. It would really suck to not get the house because you can't get the $3k together - good luck!
07-19-2014 05:55 AM
Can you pay less of a down payment..and get 3k more from your pre-approval?
07-19-2014 08:26 AM
Sorry about that. It's a FHA loan with BofA.
I make just over the limit for any state assistance.
You can not borrow your down payment. You can get a gift from a family member but not a gift from the seller for the down payment. You can sell items around your home (keep the info to show where you got the funds).
I would be extremely cautious of BofA pre-approvals. Go to a mortgage banker and get another one - BofA is known for giving an approval and then not being able to actually close the deal (just like Wells Fargo).
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.