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Updated over 6 years ago,
question on use of an unsecured line,during conventional mortgage
I am in the process of closing on a primary residence through conventional financing.
I have a unsecured line of credit, that i occasionally move money into my main checking account, when I pay contractors for work on rentals etc. This amount, has been less than 1800 dollars in total deposits over the last 30 days.
My downpayment will be somewhere around 93k for the primary residence.
My question, is will the underwriter look at these funds coming in, even if they are small compared to the overall downpayment and deny the loan? Or if they do see them, will just ask to source it, and if I say it was from an unsecured line of credit, that amount will not be allowed to be used for downpayment.
I normally due this process, but lost sight on how the mortgage company might look at it.
Any opinions?
Thank you