Are mortgages still difficult to obtain?

[Hacker1234]

Must be a bank overlay then.

[Remington Steel]

Originally Posted by Hacker1234

The way I understand it, if you are putting down at least 20 percent on a conventional loan. The bank doesn't care where the money came from.

Uhhh... yes they do.

[ss20ts]

Originally Posted by Hacker1234

The way I understand it, if you are putting down at least 20 percent on a conventional loan. The bank doesn't care where the money came from.

What lending institution are you speaking with? We all need to RUN to this one! I have yet to be told, "Oh you're putting down 20+% and getting a convention loan so we don't care where your funds are from." It's a mortgage and there's federal and state laws that mandate funding sources.

[SmartMoney]

Uh, yeah, it's called the Bank Secrecy Act, specifically the anti-money laundering laws that are part of the Act. Hacker 1234, not sure where your info is coming from, but it's wrong.

https://www.occ.gov/topics/complianc...index-bsa.html

[Hacker1234]

I had my wires crossed it seems. With Conventional, if you put 20 percent down then all of the money can come from anywhere but it still must be sourced. If you put less then 20 percent down, part of the down payment must come from you.

[scottishhaig]

Originally Posted by Hacker1234

I had my wires crossed it seems. With Conventional, if you put 20 percent down then all of the money can come from anywhere but it still must be sourced. If you put less then 20 percent down, part of the down payment must come from you.

There are many programs that allow all of a borrower's funds to come from gift or grant sources.

[Sharpydove]

Originally Posted by scottishhaig

There are many programs that allow all of a borrower's funds to come from gift or grant sources.

If you don't have money saved for a down payment, your closing costs, AND an emergency savings, you have no business getting a mortgage!