Can I Buy A Home With Money From A Tontine?
Question: I moved to this country from overseas about 10 years ago. Being new, I kept up affiliations with others from my country, and I made deposits in a community savings club. I now wish to buy a house with the money I saved. Will lenders decline my loan application because I do not have a bank account?
Answer: You are following in the path traditionally taken by many who come to the U.S.
In recent years, lenders have come to understand the importance of savings clubs such as those you describe. Associations such as “Hoi” (Vietnamese), “Tontines” (various), “Tanamoshi” (Japanese), “Hui” (Chinese), “Kye” or “Keh” (Korean), “Isusus” (Nigerian and Ghanadian) Su-su (Indian), “Ekub” (Ethiopian), “Pasanaqu” (Bolivian), and others are acceptable to most lenders.
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