We've been trying to get a mortgage but haven't been having any luck. We both make very good money, have excellent credit, and have about a 7% downpayment already saved. The problem that we are running into is that my fiance is considered self-employed for the last 10 months and nobody will look at us unless she has 2 yrs of self-employment. We even tried through brokers and they couldn't find anyone to take us. Both brokers we tried though told us that if we put down 15% then they have people who can approve us. I did some calculations last night and if we were to get a line of credit for the remainder of the downpayment to make it 15% that over the term of the mortgage it would actually save us a bit of money. Do you know if you are able to use a line of credit as a mortgage downpayment? Has anyone done this?
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