Question: Using Credit Card for Closing Costs

[Ben Millar]

I'm currently buying a home and have the cash for the downpayment. The seller is paying 3% of the closing costs. There will still be some closing costs left over for me to pay. Since my limited funds are going towards the downpayment, I'm looking for an alternative way to acquire the funds to pay closing costs. I've heard that some people have used credit cards to secure properties.

I'd like to use my credit card to pay for the closing costs. However, my mortgage broker told me that a card cannot be used to pay for closing costs and that the money has to be "seasoned" in my accounts for 2 monts. He mentioned that this is a rule dictated by Fanie and Freddie.

Does anyone know about this? Is there a way to pay with credit cards that I don't know about?