Can I take a cash advance on my credit card?
No. Cash advances may not be introduced into any of your accounts as an acceptable source of down payment.
You can use the cash advances to pay other budget items but not your current rent or mortgage. You cannot deposit the cash advance into the account that is holding your funds for down payment, regardless of what is was used for.
Learn more: Asset Related Questions
- Can I use cash deposits?
- Can I take a cash advance on my credit card?
- Can I deposit checks from sources other than my payroll check into my account?
- What about transfers into my account from another account?
- What do I do if I have already received money in my account?
- What other things does the lender look for on account statements?
- When do I need to have my down payment?
- What is required for gift documentation?
- My agent is writing my offer this afternoon and I forgot my checkbook. Can my girlfriend (or mom or brother or friend) write the earnest money check for me and I can pay them back?
- I don’t have enough money in my account for my earnest money. Can I write a check from my credit card account?
- Will my earnest money count toward my down payment?
- Do I always get my earnest money back if I don’t purchase the home?
- What other expenses will I have to incur in addition to what is on the closing cost estimates provided by my loan originator?