Can I raise a mortgage down payment borrowing from credit cards?
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Let us say you borrow $10,000 from a credit card, or jointly from several credit cards. You now have a debt item which must be reported to lenders. The debt requires monthly payments, and those monthly payments will reduce your ability to qualify for a mortgage.
No less important, credit card interest is vastly higher than mortgage interest levels, it is generally not deductible, and the amount of the outstanding balance which must be re-paid each month is far higher than with comparable mortgage debt.
Credit card borrowing shows no ability to save or budget, factors that should set off alarms when lenders review loan applications.
Borrowing down payment money from credit cards maximizes debt, minimizes home equity, raises monthly costs, increases lender risk, and is unlikely to lower bankruptcy levels. Credit cards are not a substitute for savings.
Moreover, with loans widely available with 3.5 percent down and sometimes even less, the use of credit card borrowing to finance a downpayment should not be necessary.
The bottom line: If you have to borrow from credit cards to buy a home then you should expect lenders to decline your loan application.
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