Would this be some kind of fraud? It worries me.?

Answers:2   |   LastUpdateAt:2012-10-27 08:33:02  

Question
Scottland
Asked at 2012-09-29 19:50:02
We are trying to get a mortgage approval signed by NY mortgage assistance status . We already had a conventional loan approved by our bank , but the conditions are not as good - a higher interest rate and closing costs , ie MedlinePlus . MedlinePlus The conventional loan allows us to borrow our own car insurance (we have no car payments now ) and the use of the deposit . However, it appears that the mortgage does not allow this
NY . MedlinePlus My husband thinks I can just take the loan , the loan check to give to his mom , and then have your "gift " back to us ( the gifts are acceptable sources of down payment on the mortgage NY ) . MedlinePlus MedlinePlus Sounds like fraud to me. I do not like it. I know I 'm taking out the loan to use as a down payment . I think it would be very obvious that gave it to her and she gave it back to us . I do not think I want to let him do it . Does anyone know or have any advice ? And does anyone know why I can not use my property as collateral to secure the conventional loan ? :-/
Answer1HarlaAnswered at 2012-10-09 08:10:19
I'm waiting in New York , but if you take on new debt to use as a down payment , you are DTI ( debt to income ratio ) just changed and could disapprove . An option that does not get rid of your DTI is that her mother could gift the money before closing. After closing, take the car loan and gift back ( this is assuming she can gift him without the loan ) .
Answer2 ⺌, Y ¨ -Answered at 2012-10-27 08:32:15
Never mind that the " gifts " to whom. The bigger picture is that the credit report will show a loan secured by a car ? Sincerely , your husband or your mother ?
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