Profile picture for donnienewton

Could i use a signature loan from my employers credit union to use as a down payment o

For a Fannie Mae Homepath loan, They say on their website that you can use funds from an employer, would this work for that
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June 14 2011 - Rimrock
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Answers (4)

NO, NO, NO....you cannot use funds from a signature loan for down payment on ANY mortgage loan because it is unsourced and unseasoned.  You CAN take out a loan against anything of value that you can evidence you own previous to the loan:  cars, horses (have done this), recreational vehicles...whatever.  The loan needs to come from a traditional lending source (not Mom) and have regular compliance and repayment terms and conditions.  You must qualify for the mortgage loan with the inclusion of the debt you have taken against the personal property.

Repeat:  No signature loans....ever.
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June 15 2011
Profile picture for wetdawgs
A loan from a credit union is not likely to be considered "funds from an employer".   But, please let us know what your lender has to say.
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June 15 2011
Please talk with a lender, these are questions you need to get an answer from a qualified lender.  Best of luck.
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June 15 2011
It may work for the seller, Fannie Mae, but you really need to consult with your lender about this. If it doesn't work for your loan, then it doesn't matter what the seller will accept. Your lender should also be familiar with Fannie Mae guidelines.

This is another importance of getting prequalified for a loan prior to shopping for homes. Your lender will tell you and your realtor their guidelines on your loan so you are aware prior to getting yourself into a binding contract.
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June 15 2011
 
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Could i use a signature loan from my employers credit union to use as a down payment o
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