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Updated almost 4 years ago on . Most recent reply

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David Guglielmo
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Can I use a personal loan towards a down payment on a house?

David Guglielmo
Posted

I was recently pre-approved for a 60K conventional loan (investment property, 4.3% interest) . I need to put 15% down (9k), closing costs are waived if I buy in a LMIT area. I wanted extra cash on hand for repairs/Capital Expenditures. So I recently  took out a personal loan in the amount of 10K from a credit union. 

I have no debt in my name, other than a leased vehicle. My salary from my job is roughly 55K (Ohio). Will my bank deny my purchase due to using personal loan money for the DP and the buffer amount. 

Thank you for your time, 

-Dave G.

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