Comments on: Home mortgage: Making down payment using credit card offer?

By: Mary B

Mary B — Mon, 01 Jun 2009 09:33:11 +0000

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?

Pam H. — Sat, 30 May 2009 16:32:35 +0000

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.

Will — Wed, 27 May 2009 22:09:34 +0000

Rule of thumb says you can’t borrow the down payment.