l am currently under contract. And my application was previously approved for an FHA Loan (3%) but then other issues came up and l have will have to reapply for a conventional loan. Well because it is a condo l have to come up with 10% down. l only need $2800 dollars more.
($5600 all together)
Can l use a loan from another bank to fund the down payment? If not, will the bank i'm financing with know that l have taken out this loan?

(My boyfriend is willing to give the money to my cousin for me to use as a gift fund) But l still need the loan because i'm having car issues. And probably will have exhausted all of my savings to put down the down payment.

l know that l may need to wait but l really want this place and plus my rent keeps going up and this place is only $50 more in rent for a 2bd vs a 1bd.

Thanks for your help!
Is using cash from my credit card considered a loan if l give to someone else to give to me?

If the mortgage company finds out about you taking out a loan for your down payment it will almost certainly shoot down your mortgage application. Even if they find out after you've closed your loan it could still cause problems because they can easily prove fraud in your loan application.

It is a big risk, especially right now with lenders so cautious.

No, the mortgage companies are really particular about this. they will check your credit score (fica score) and if you are borrowing from another company to pay your down-payment, they will deny your application.

The mortgage company wants to be sure that your assets are solid and not just borrowing from another place so that you can buy a house. There are way too many foreclosures and the banks are suffering because of bad loans given to people.

We just bought a house & had a lot of trouble with this as well. We had to pay off a couple debts before we were able to get financed for the house. We were not able to take out a loan, because that was opening up another line of credit which we were not supposed to do. We ended up receiving ''gift'' money from a family member. OMG! It was such a pain in the butt! We had to document EVERYTHING! We had to show that we deposited it in the bank. They needed a copy of our deposit. A bank statement showing the money in our account. They also had our family member sign something saying that it was indeed a gift & that it was not meant to be paid back. THEN. they also wanted a copy of our family members bank statement showing the money coming out! It was so horrible having to ask for that personal information from a family member. It all worked out though (after having to jump through many hoops!) & we got our final approval & have been living in our new home for a couple months. If u r going to do this, l would suggest getting it down ASAP. l do not know how much longer u will be able to get a home loan without having to deal with a lot more BS from the underwriters because of the way the economy is going & the poor choices lenders have made in the past. They r really going to start buckling down even more! GOOD LUCK!

Generally no, a lender will require you to certify that no part of your down payment is a loan that you'd have to pay back.