Cashier's Check from unrelated donor used for investment property
Good day everyone,
My wife is looking to get a loan under her name for a duplex with inherited tenants. We are a little bit shorted for 20% down payment and we are asking some friends to be donor gift check. Would cashier checks from friends eligible for conventional loan with 6.5% interest rate? Our loan officer advised us to take route of 9% interest rate without income check. Any advice would be greatly appreciated.
You probably want to ask your lender about this specifically. When I have found myself in situations like this, normally cousin is about as far removed as a lender will allow. It would be mortgage fraud to lie about something like this, and this is not legal advice, but I know of situations where I think people ended up doing this and have not yet been caught for it. Once again, not legal advice, do not break the law or encourage your friends to break the law with you, claiming to be your cousins when giving you gift funds.