General Area in Osceola>Question Details

Help01, Home Buyer in Osceola, WI

we put $1000 earnest money in a money order for a RHD loan and it is from money owed not from our bank account is that a deal breaker?

Asked by Help01, Osceola, WI Wed Mar 14, 2012

It was a cashiers check for $1000..we met with our mortgage broker tonight and she seems worried. what do we do to fix this...have you ran into this?

Help the community by answering this question:

Answers

1
It isn’t a problem as long as it isn’t used as down payment or to pay costs associated with the loan. If it is refunded to you at closing then it is no different than going to the bank and borrowing money because you just felt like it, it’s a free country. The payments on the loan must be included in your debt ratio. Rural Housing makes a 100% loan, no down payment needed, you can have the seller pay all of the closing cost and pre-paids. Not even one dollar of the borrowed money can be used if the loan was unsecured. If you secured it somehow, like borrowed against a car, that could be used. I hope this insight is helpful, good luck,
0 votes Thank Flag Link Thu Mar 15, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer