3 ms·
> Lenders won't lend you money with a down payment of unknown provenance That's actually incorrect, to my understanding. If you have 100k in your bank account
by vdqtp3 5y ago
> Lenders won't lend you money with a down payment of unknown provenance
That's actually incorrect, to my understanding. If you have 100k in your bank account for a year, the lender doesn't care when you pay your down payment out of that regardless of where it came from. They object when there's a recent transfer/deposit of that money because it could indicate an undocumented loan, throwing off the debt to income calculations.
- throwawaygh 5y agoRight. I think I must've got my edit in after you posted. > They object when there's a recent transfer/deposit of that money because it could indicate an undocumented loan, throwing off the debt to income calculations. Right. It's not some authoritarian plot. They just wanna make sure you're not a fibbing about your net worth before handing you a giant stack of their money. If you can prove the money is yours then they're fine.