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If I am applying for a FHA mortgage in my name only can my spouse get a cash advance from a credit card for gift funds?
No, because it is borrowed funds. The lender has to source the funds.
Downpayment cannot be borrowed funds. You have to prove the source of a downpayment. We cannot advise you how to get around that requirement.
Thanks, I thought so.
Why don't you try one or more of the following:
You can do it. It just might take a little bit of planning to get the down payment you need.
Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!
Meaning there is a way around it....LOL! Thanks for the response.
@MoBra wrote:Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!
The lender has to see the source of the gift. So yes, if you have gift funds, the lender will want to see the bank statement of the gift donor to verify the funds.
@StartingOver10 wrote:
@MoBra wrote:Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!
The lender has to see the source of the gift. So yes, if you have gift funds, the lender will want to see the bank statement of the gift donor to verify the funds.
Great information and very much needed. Thanks! Will they require two months bank statements from the Grandparent?
I don't know if they will ask for two statements or just one for the gift funds verification.