All Forum Posts by: J Torres

Just adding my 2 cents here. I was short about 10K for the down payment on an upcoming closing for investment property and instead of waiting for a couple paychecks I heard about using credit card advances/ loans to purchase homes so I jumped on that wagon and got 20K from my credit card (2% fee and 0APR for 12months) at a good rate. Next day I call my lender and come to find out I can't use a dime of that since it's "un secured."

I had heard various times on the podcast about people doing this but never mentioned that the funds need to "season" in the account for 60days or else they will ask where this amount is from. I'm been racking my brain trying to see how to go about this and luckily worked something out with my employer to get an advance on my pay check. If you find a way around this or some sort of creative avenue definitely update the thread know if you can. Would like to see how this ends up. Only thing I can think of to use their money in this little time is to add them to the loan so you can use their funds but that has it's own issues. Anyway, feel free in messaging me, I'm almost going through this exact thing right now.