Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated almost 4 years ago on . Most recent reply
Can I use a personal loan towards a down payment on a house?
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.