Home Buying in Cleveland>Question Details

jd1924, Home Buyer in Monroe, MI

If a joint account is shared by a bf/gf and one has a forclosure in the last 2 yrs. can the other use the account for a down payment?

Asked by jd1924, Monroe, MI Thu Jan 3, 2013

Help the community by answering this question:

Answers

4
Sorry, didn't understand the question originally. Yes, you should be able to use it and the foreclosure obviously didn't matter because it wasn't in your name.
0 votes Thank Flag Link Mon Jan 7, 2013
As long as the money is yours, you should be able to use it. They will not be looking at both people's credit, just the person applying for the loan. You may have to answer some questions about whose money it is and why a joint account, but it should not be a problem. Find a GOOD Loan Officer and they can help you...
0 votes Thank Flag Link Sun Jan 6, 2013
First i appreciate the insight. I have been pre-approved for a loan so thankfully thats not a concern. I was simply worried about whether the money we share in the joint account would not be considered qualified funds for the down payment. again thank you for your answer.
0 votes Thank Flag Link Sun Jan 6, 2013
You might be able to use the account for a down payment but not likely that you'll get a loan.
0 votes Thank Flag Link Fri Jan 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer