It sounds like you are referring to lending guidelines, and it is the lending guidelines of the lender that you have contacted. Many lenders do have this guideline, there are many that do not have this rule.
Though they all do want to source the money to be sure it is not drug money. If it were to turnout that it was drug money the government could seize the property and nullify the lien on the loan. So we just need to show where the money came from. I have seen the government confiscated properties this way, and had heard that they overturned this rule. I am not sure they have.
Also they want to be sure you did not borrow the money, and then owe a payment to another party, which would make you not fit into their lending guidelines.
I am a broker and have access to hundreds of lenders, give me a call at 714-968-2500 and maybe we can put this loan together for you.
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