Can I borrow money to use towards my down payment?

down payment, down payment assistance, fha loan down paymentYes, you can borrow funds to use as your down payment. However, any loan you take out for a down payment must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it is a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.


For a more detailed explanation on the guidelines please check out the HUD Borrowing Guidelines.