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Reply to "question about qualifying for mortgage"
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[quote=Anonymous]you might have problems getting approved ultimately (not with the preapproval), if you are using a loan from a relative. i recently bought a home, and the lender wanted to know where each and every dollar i was using for the down payment came from. i had to trace all of it from various accounts into the checking account i ultimately used for the down payment. the loan officer is one of my best friends. i asked him why, and he said one of the reasons is they want to be sure you aren't taking on another loan on top of your mortgage that you have to pay back. you might have to get your relative to lie and say it was a gift. [/quote]
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