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Can prospective mortgagors apply credit card cash advances towards the required monetary investment or closing costs?

April 26, 2017cash advances closing costs credit card Investment monetary mortgagors

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Can prospective mortgagors apply credit card cash advances towards the required monetary investment or closing costs?

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No. This would be a violation of 24 Code of Federal Regulations 206.32(a), which requires all outstanding obligations connected to the HECM transaction, purchase or otherwise, to be satisfied prior to or on the date of closing.