Buying house, in escrow, don't have the amount of cash I need to close

Financing, Hard Money Lenders, Private Money
1

thanks

2

Probably not depending upon the date your credit card issuer passes data to the credit agencies. However, the closing paperwork will likely have a statement that you will be required to sign indicating there has been no material change in your finances. Some might consider $4k material and if you don’t disclose then you could be committing mortgage fraud.

3

May be a possibility to use the cash advance if can include the payment in the debt-to-income ratio. if the payment doesn’t allow you to go over that point, don’t see a reason why lender won’t do it. Of course lender may have to go back through underwriting to get it re-approved. You could possibly do a gift from a family member if you have someone in your family that will gift it to you. Just some thoughts

4

thanks

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Goldmund - I bought two properties (my home and an investment property). In both cases the lender did not pull my credit just before closing. They pulled it during the underwriting process and that was it. However the documents I signed when I closed included my application for credit and a statement that the information was accurate. I hope this helps you make a decision.

The point that I believe you are missing is that we are not talking about ethics - we are talking about mortgage fraud, which is a crime.

regardless of the ethics.. how would they find out?
6

thanks J1dias… i understand… I don’t want to commit mortgage fraud… I just got myself in a unexpected jam. I have the money for the downpayment, just short on the closing costs… I am giving the bank accurate bank & investment statements, so I won’t be lying. Just the last 5k has to come from a credit card, unless I can get my one hope to lend me $5k… crossing my fingers…

thanks…