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Would it be pssible to obtain a personal loan to obtain the down payment?

by lisa_7768 from South Plymouth, New York. Dec 7th 2015 Reply


SHAHROKH CHARLES BEROKHIM (mortgageusa)
#90 ranked lender in New York - 65 contributions

the answer is YES . but you have to contact your local municipalities for such grant

Dec 7th 2015
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

Yes, you can get a loan for your down payment; you can also get gift money from a family member for down payments and closing costs.

Dec 7th 2015
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You absolutely can. Would love to educate you how it is possible.

Dec 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed, but in general, the answer is NO!..There are creative ways around this rule, but if your getting a personal loan specifically to be used as down payment, then this is absolutely not allowed.. You can get a grant, or a gift, and that is allowable.. you can do a cash out refinance on a car you own free-n-clear, and use the funds for a down payment.. that is allowable. If you already own real estate and you use cash out funds from that property, then those funds can be used for down payment on another property.. you can even borrow against your 401K, and that would be allowed.. but you are not allowed to get a personal loan specifically for the down payment.. On the Uniform Residential Loan Application, From 1003, Section VIII "Declarations", Line h. It specifically asks "is any part of the down payment being borrowed".. if you answer yes to this question, your loan will be denied.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 7th 2015
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