60 day down payment seasoning period

[Jordan Mantel]

Hi guys! There’s a possibility that I’m going to get into a deal with a partner where he provides the down payment; however, he will not be on the loan itself so lenders have told me that the down payment has to be sitting in my account for at least 60 days so the banks don’t think anything sketchy is happening.

Does anyone know a way around this other than the down payment being gifted to you? Most lenders have told me the gift has to come from a family member anyways. I don’t mind waiting the 60 days but I’m just a little impatient because I want to make offers! Haha

All suggestions and advice is appreciated!

[Chris Mason]

Not all lenders will go for this, but if you own other real estate you can make it a second mortgage secured by that other real estate (no, not the same property you are buying, other real estate). Now that it's "secured" borrowed funds v "unsecured" borrowed funds, it's no different than using a HELOC for the down payment. Other than that, the consensus in the thread is correct.