Real Estate Investor · Harrisburg, PA · Member since 2010 · 73 posts · 217 votes
My wife will be the only one applying for a mortgage. But since she just sent $70,000 to the current mortgage, she lacks the down (seasoned) money for a new mortgage for a home we stumbled across.
I know gifting 70,000 to her is OK for a new mortgage (from husband and over 20% down), but can I pull that $70,000 off a Line of Credit I have on a commercial building which is not in her name?
I would say that as long as the purchase is for real property you should be fine. Here in NYC we have a lot of Coops in which you purchase shares in the cooperative and do not have a deed for real property. In this case, you would be unlikely to get approval.